Good morning, everyone, This summer I’m leading a cohort of five University of Georgia business students through our Watermark ELIF Fellowship. One of our modules focuses on non-performing loans and distressed debt investing. Rather than teaching entirely from theory, I’d love to expose them to a real-world example and help develop the next generation of note investors and analysts. Would anyone be willing to share an anonymized, closed/historical NPL file or case study that is no longer being actively worked? Even a single loan would be incredibly valuable. If available, we’d also love to review a historical pool. The materials would be used strictly for educational purposes by our team. I’m happy to sign an NDA, and the students can as well. Our goal is to use the case study to help build the logic for a business-school-level NPL analysis tool. Once completed, I’d be glad to share the framework with this community. Appreciate any guidance or opportunities to learn from real-world examples. Harold Waters, Jr. Watermark ELIF Fellowship (Independent)

Good morning, everyone, This summer I’m leading a cohort of five University of Georgia business students through our Watermark ELIF Fellowship. One of our modules focuses on non-performing loans and distressed debt investing. Rather than teaching entirely from theory, I’d love to expose them to a real-world example and help develop the next generation of note investors and analysts. Would anyone be willing to share an anonymized, closed/historical NPL file or case study that is no longer being actively worked? Even a single loan would be incredibly valuable. If available, we’d also love to review a historical pool. The materials would be used strictly for educational purposes by our team. I’m happy to sign an NDA, and the students can as well. Our goal is to use the case study to help build the logic for a business-school-level NPL analysis tool. Once completed, I’d be glad to share the framework with this community. Appreciate any guidance or opportunities to learn from real-world examples. Harold Waters, Jr. Watermark ELIF Fellowship (Independent)

We are presenting a time-sensitive opportunity on a privately held mortgage note (hard money loan) currently in active foreclosure. This is a controlled early-access brief ahead of formal package release — not a broad marketing piece. We have been in direct communication with foreclosure counsel. A prior buyer did not perform, which reopens an immediate window for qualified, executable offers. 📌 Asset at a Glance - Property: 223 16th St, Unit 5 — Atlanta, GA (Atlantic Stacks) - Asset Type: Condominium — strong in-town submarket - Loan Type: Private / Hard Money - Origination: July 2023 | 2-Year Interest-Only Structure - Original Loan Amount: $700,000 - Purchase Price at Origination: ~$850,000 - Estimated Unpaid Balance: ~$700K range (pending formal confirmation) - Foreclosure Sale Date: May 5, 2026 📊 Valuation Recent comparable sales within the same complex indicate: - Estimated ARV: $855,000 – $875,000 Meaningful collateral coverage exists. A discounted note acquisition may present a favorable risk-adjusted opportunity for the right buyer. 👤 Borrower Context (informational only) Through our direct engagement in a foreclosure prevention capacity, we have non-public situational insight on the borrower: - Borrower has expressed clear intent to resolve - Recent financial changes suggest improved near-term capacity - Potential exists for a structured workout with a new lienholder This is contextual — not a performance guarantee. Relevant for buyers who incorporate borrower engagement into their acquisition strategy. ✅ This Opportunity Is Well-Suited For Buyers Who: - Acquire non-performing loans with collateral support - Value assets with strong underlying real estate fundamentals - Utilize borrower engagement as part of value creation - Can operate within a compressed timeline 📂 Data Package Status We have formally requested full loan-level documentation: - Payoff statement - Reinstatement quote - Itemized arrears - Loan documents