Deal Breakdown

1st Lien UPB of $38,764

$16,450 purchase price + Attorney Costs + Fees

$43k FMV per BPO

12-14 months to foreclose

Joint Venture on a non-performing note in Cleveland, OH at 39% of unpaid balance (UPB). The property is a 3 bedroom, 1 Bath, 1,348 sq. ft. SF home built in 1905. Cleveland is rebounding in both sales comps and rentals, making this a very good opportunity. There are a number of exit strategies available to this note, including DIL, loan mod, short sale and FC. Projected returns on this investment assuming a FC is 25.7% in 12-14 months.