Oct 24 • Due Diligence 🔍
Scenario - Low $ Note For Sale - Take It Or Leave It
A potential Second Position NPN has a maturity that expires in 2 years.
Additionally, the terms state that the Principal and Interest Payment on the Second were ~$30.
The Senior Position is performing; however, it has several Partial Claims from HUD, with the most recent in late 2024.
Potential Solution: This sounds like a loan modification given the UPB (<$10K), and $30/month is too low. However, with 2 years before it matures, what if the borrower doesn't agree to any reasonable resolutions.
What do you do?
6
3 comments
Scenario - Low $ Note For Sale - Take It Or Leave It
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