Frequently Asked Questions
Q. What kind of notes do you buy?
Our primary business is in single notes on real estate backed by residential
and most commercial properties. We can purchase single notes up to
$10,000,000.00.
We also buy many other types of cash flows.
Click Here
Q. Why would I want to
cash in my Receivable?
There are many reasons to cash in your receivable, but the most common
reason is to simply replace the regular payments you receive with a "lump
sum" of cash. Whether you need cash to pay for a child's college tuition, or
to take the family on a Caribbean Cruise, selling your receivable may help
you accomplish your goal.
Another great reason to sell your note is to eliminate the hassles and
concerns associated with collecting the monthly payments, worrying about
whether the insurance and taxes are paid etc.
Q. Why is there a
discount?
The current market for notes may call for a yield in excess of the face rate
of the note.
We analyze each monthly payment you receive and calculate its value into the
future. $100.00 today is worth more than $100.00 due to be received in five
years.
Looking back 15 to 20 years ago, we could go to the movies for what? about
$.50, right! And gasoline was about $.65 a gallon? Now look at what we pay.
This is what we mean when we say dollars today are worth more than dollars
in the future. So the "time value of money" must be factored into the price.
Q. How much will the
discount be?
Each receivable will have a different value depending on many factors.
The amount of cash you will receive depends primarily on the following
factors:
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Current Local Market Conditions
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Value of Underlying Real Estate or other Security
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Pay Record of Payee
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Payee's Credit History
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Loan to Value Ratio
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Type and Location of Real Estate or Collateral
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Current Balance, Interest Rate and term of note
The best way to find a receivables current market value is to fill out our submission form to receive a free quote! Click Here
Q. How long does the process take once I decide to go
forward?
Usually one to two weeks after we receive all the necessary documents and
information. Your help in expediting this process will speed up the process.
We try to make the process as easy and convenient as possible.
Q. Do I need to pay
closing costs?
We pay normal closing costs on all real estate related transactions
(appraisal, title insurance, and recording fee) on residential properties.
On larger commercial properties, we may ask the seller to pay some, or all
closing costs.
Q. Can I receive some cash
now and still hold part of the note?
Yes! There are many ways to buy notes. To view some of the methods of
purchase, please Click Here.
Q. How does this
affect the payer of the note?
The sale of your note, either a full or partial buy-out, will have no affect
on the payers of the note. The terms (payment, balance, interest rate, term,
etc.) do not change. The borrower will be given a new address to send
his/her payments.
Q. After I get my quote,
then what?
When you are ready to get your cash, we will need copies (not originals) of
the "Relevant Data" to complete the sale.
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Original note, mortgage, deed of trust, or recorded land contract
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Abstract or Title Policy
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Copy of Fire Insurance Policy
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Social Security Numbers of Payors and/or Corporation I.D. Number
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Property Description
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Payment Record
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Closing statement on transaction creating this note.
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Photo of Property
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Most of this information can simply be faxed.
We will handle all
of the details!
Q. Where would the
closing take place?
The closing normally takes place in the county where the property is
located. If you have moved out of the area, the closing agent can complete
the closing through the mail.
If you have a cash flow to sell, but
you don't see it listed,
please give us a call at toll free 866-888-8888.
©Cooper Group, LLC 117 S. Cook St. #215 Barrington, IL 60010 Phone: (866) 431-8474 Fax: 847-387-3510 Email: info@TheCooperGroupLLC.com