What can I say, our business has changed over the years many times. Early on in the 80’s we bought private-party / seller-carryback loans nearly exclusively. The vendor-carried loan was the predominate loan in our business. In the 90’s there were many institutions that failed and the ‘paper’ they had was sold through the FDIC or sometimes directly on the secondary market. In the early 2000’s the rise of the Note auction houses was taking place and we had to bid and pay a fee to buy those loans and after the ‘great recession’ beginning in 2008, we bought many bank loans directly from local banks. Beginning the last couple of years, mostly we are originating loans on properties that the big banks turn down for various reasons. The most likely reason is that on rental properties the rents are too low to have sufficient cash flow to make the payments on the loan, taxes, insurance, utilities, etc. and until the rents can be raised the institutional lender is unable to make a loan to the borrower. We come in and make loans to borrowers who can show that the rents are under market and have a plan on refurbishing the units in order to raise them to market rents. Our loans typically are in the 6.5 – 6.95% range for a 5 year term and we charge 2 -3 points, plus appraisal and title charges. This niche is a specialty here at DMC, we are still looking for existing Notes to buy, checking the auction sites, brokers and sometimes we get direct calls, however they are few and far between. If you have a loan that you want to sell, please don’t hesitate to call, click or e-mail over your information so we can give you a top dollar quote, but also if you are looking for a loan where the income property you are buying or already own is not producing as much income as a bank would like, call us too. If we can’t do the loan, we’ll recommend a place that can.