would anybody purchase a land note - Posted by terell

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Posted by Michael Morrongiello on January 30, 2009 at 22:32:52:

Terrell:
We purchased ALL types of real estate secured notes (including land as collateral).

Clearly in today’s market land values have taken a hugh hit in most parts of the country.

I have some familiarity with this same deal in Golden Valley, AZ (someone showed it to us). What you may or may not be aware of is that even though the land originally sold for $150K with $75K cash put down, the estimated current value for this land have dropped substantially to around $85,000.00

This makes the existing LTV - loan to value quite high for a land deal and questions whether that short term dangerous balloon payment coming due in 3 years will ever get paid.

This deal is best priced as a PARTIAL Buy out of some sort

Best to your success;
Michael Morrongiello

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would anybody purchase a land note - Posted by terell

Posted by terell on January 29, 2009 at 13:49:50:

1st mortgage. $75,000 current balance. Face interest rate 8%. Buyer put $75,000 down and has made the first 2 years of payment on time. Payments of $1,500 made quarterly with 3 years left on the note. Balloon payment of $75,000 due in 2011. Property is 10 acres raw land located in Golden Valley, AZ. 3 miles from Kingman, off the main Hwy that connects Laughlin, Kingman and Las Vegas. i just wanted to know if anybody would want to buy a land note not advervising just want to know if its enough info