[Jackie Lange]

Jackie Lange

I got this message today asking if anyone in my group is interested.

a Non-performing note on an 7 bed assisted living facility in Mansfield, OH that I’d like to sell. This may be something for your group.

[Bill Eisenhauer]

Bill Eisenhauer

I go to a regular Note Investors meeting and we have a couple of people who deal in non-performing notes. If you get no takers, I’ll take the lead. Are there any other specifics? We are meeting this Wednesday night.

[Jackie Lange]

Jackie Lange

Hi William, I forwarded the information to you so you can contact them for more details. Let us know how it turns out.

[DON WEDE]

DON WEDE

Damm wish it was in Illinois lol

[Bill Eisenhauer]

Bill Eisenhauer

Just heard from my partner on this one. Here’s his notes:

This is a 7 bed assisted living facility.

It was originally a hard money loan they had given the borrower. It’s a 7 bed mental health facility for older people. The business is shut down and abandoned. Small roof problems, property has been re-keyed.

It was originally a 6 month balloon, which was due last December.

Original loan balance 144k. Rate 11%

The initial appraisal came in at 400k several years ago. They are not sure what it’s worth today. Would not give me the address without sending an NDA.

Total UPB is around 180k.
Seller wants 144k.

Partner’s opinion: This is a deal I would walk from. No real meat on the bone.

Anyone have any thoughts based on this new information?