What we buy

Asset types

• Commercial real estate. Owner-occupied and investor — retail, office, small industrial, mixed-use, hospitality.
• Construction and land development. Stalled projects, exhausted interest reserves, partially completed vertical, raw and entitled land.
• Commercial and industrial. Secured business paper, equipment-backed, loans supported by personal guaranties.
• Residential. First liens only, one to four family, owner-occupied and non-owner-occupied.
• Agricultural and farm. Land, operating lines, and equipment paper.
• Small business. Including the unguaranteed portion of government-guaranteed paper, where the file supports it.

Credit status

• Non-performing. Ninety days and beyond, in workout, in litigation, in foreclosure, post-judgment.
• Sub-performing. Chronic thirty and sixty day, repeated forbearance, matured and not repaid, technical default.
• Classified but paying. Assets the examiner is asking about that you would rather not carry into the next cycle.
• Charged off. Including deficiency balances and paper already written to zero.
• REO. Case by case, where it sits alongside loans we are buying.

Size and structure

Single assets

From roughly $50,000 unpaid principal balance. We will look at one loan. Most funds will not, which is why single assets sit on community bank balance sheets for years.

Pools

Small and mid-size. Mixed collateral is fine — we do not require a clean, homogeneous tape.

Geography

Nationwide. Judicial and non-judicial states alike.

Consideration

Cash at closing. No financing contingency, no capital call, no back-to-back sale to fund the purchase.

Servicing

Servicing released. We transfer to a licensed subservicer, with all notices required by federal servicing rules sent on schedule.

Documentation

We sign your loan sale agreement. We are not going to spend three weeks marking up a form you have used forty times.

What we do not buy

Being clear about this saves everyone a call.

• Junior liens. Second and lower positions are outside our buy-box in any collateral type.
• Unsecured consumer receivables, credit card paper, medical debt, payday or title loans.
• Loans where the note or the assignment chain cannot be produced. No note, no bid.
• Assets where the seller cannot convey clear title to the debt.
• Paper subject to a servicing arrangement that cannot be released, including certain government-guaranteed pools.
• Anything that would make us a party to the seller’s pending litigation in a capacity we cannot control.