Just Bought a Discounted Note That Was Originated By an Investment Bank
When the secondary market for commercial loans suddenly disappeared in late 2007, a great many banks, investment banks, and mortgage bankers were caught with unsold commercial mortgage loans on their lines of credit. Many of these commercial lenders are now anxious to get the commercial loans off their books.
Blackburne & Brown, our hard money commercial lending company, just syndicated today a group of private investors to buy a commercial mortgage note at a discount. The loan was originally made at 7.35%, and we bought it to yield approximately 12.75%. We sold it out to our hungry network of private investors in just one afternoon.
Would you please let me know if your bank or your commercial mortgage company has any commercial first mortgage loans for sale at a discount? You can reach me, George Blackburne, at 574-360-2486 or at george@blackburne.com
