When it comes to performing due diligence on your note, Note Buyers are focused on several pieces to the puzzle.  Probably the most important items are Rate, FICO, Loan-To-Value, Structure (is there a balloon and how fast does the loan pay down), and coupled with property type, Sales Price and the all-important Cash Down.  For Red Mountain, large cash down payments are probably the single most important item.  However, it is ultimately a favorable combination of these items as a whole, which enables us to quote your note with a high price.

Once a note has been awarded to us, we begin the process of pulling credit, ordering an appraisal or BPO valuation of the property, reviewing the proof of cash down at close, along with pay history documentation.  We also review the closing statement, title work and the actual note and mortgage/Deed of Trust to ensure that they meet certain criteria.  We will run an amortization schedule and compare that to the current unpaid balance of the loan and the pay history to ensure it ties out properly.

                The final step in buying your note occurs after all of the due diligence questions have been answered, the property valuation work has been completed and the credit report is pulled.  This is when the underwriter is able to sit back, with all of the pieces of the puzzle available, and review the file objectively.  Hopefully, the results match the information we were told when we originally bid the loan. If so, we can quickly move to funding the deal and getting you your money.  Thanks again for visiting our site and please feel free to contact us regarding selling your note.

Our main goal at Red Mountain is to be a “user-friendly” company that note sellers can depend on for getting their cash quickly.  When it comes to selling your note, we understand that you’re probably looking for your money to arrive in your hands yesterday!  With that in mind, we make every effort to focus on getting your note closed and funded, as fast as possible.  We pride ourselves in being highly responsive and will work hard to get your note funded quickly.

Larger Notes with Equity

Every investor has a certain niche that they are going after.  Some shops prefer the smaller $90K Texas SFR with a 650 FICO and 10% cash-down note that is 2 to 3 years old.  We prefer larger deals with much higher sales prices and larger cash down equity.  We want to buy loans that we know, without question, will be a safe investment.  We are willing to pay up for those deals that fit that bill.  We have always believed that strong cash downs are a good predictor of future performance.  The more equity, the harder the payer is going to work to make timely payments and not risk losing the home.  If you have a note that has great equity, with a decent rate and strong fico, please either call us for a quote or submit your information via http://www.redmountainmortgage.com/free_quote.cfm and we will contact you.

Thanks for stopping by our site and spending a little time with us.  We very much appreciate your visit.