There is a property in my neighborhood that is encumbered with a loan originated by MF1. DSCR is sub 0.5x and the lender recently extended for 12 months.
I’d like to buy the note from MF1.
Does anyone here know a good point of contact? Has MF1 showed a willingness to sell notes, whether at par or at a discount?
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They’d sell notes at par but they’re not going to sell at a discount. They’ll push some sort of “creative” financing agreement so they won’t have to write it down.
Be careful buying it at Par, it is almost certainly only worth a fraction of that amount.
Are you fully capitalized? Are you able to raise capital to buy at full par? Are you sure you'd want to buy at full par? Lots of these debt funds are stuck at 'we will only sell for par' and obviously getting no action.
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