We are looking for a JV partner for a nonperforming 1st lien note backed by the real estate in Columbus, OH. The property was valued at $28,000 and the JV would be for $12,000 or 42.8% ITV.The property is occupied, grass mowed, flag in the yard. A good candidate to work out a loan modification with the buyer. We will ask for $2000 - 3000 down and after 6 months of payments, we will modify the loan to make it attractive for the buyer to work with us, most likely reducing the past due amount.Past due balance is $83,400, the note is written at 7.5% with a monthly payment of $583. Rents in the area average $475 to $640, with $557 being an average, so they are buying a home for what others are paying to rent.If we can not work out a loan modification, we can offer a deed-in-lieu of foreclosure and sell the home quickly for $25,000 in a short sale, or hold out for the $28,000. Worst case, we foreclose and sell the house.This one won't last long, so contact us as soon as possible for more information.
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