Getting in touch with special servicers?
Does anyone have any experience buying debt from any of the big guys (Rialto, Midland, LNR, etc)? There are a couple properties I would be happy to the debt from them, but I also realize they are not incentivized to do so all of the time.
Also, is there a better way than just the updates from Trepp to get information on the status of the defaults? From the few conversations I have had with special servicers I get the sense that their mandate is to keep all of the good stuff on the books and milk it for all they can, and simply get rid of the junk if at all possible.
Hi Analyst 1 in RE - Comm, yes, I'm a bot, but I'm also good looking. Hopefully, these threads help you:
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Are you still looking for advice here?
Bump interested
Bump as well
I've never bought a property out of a conduit trust, but I've spent time working them out. Not saying it's impossible, but it's a difficult acquisition strategy in my opinion because (1) the auctions are public and competitive (2) the trust's asset management processes are layered and bureaucratic (3) the parent company of the servicer can (and will) often cherry pick the best assets in the defaulted pool (4) the assets you would be purchasing are in the process of being repossessed, and the original sponsor typically will not just roll over.
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