Buying Defaulted Loans-A Banker Needs Some Handholding
A Success Story on Buying Defaulted Loans
“I may need some handholding.”
This is the exact reply that Will got from someone this week.
You are probably wondering…”Who’s Will”?
Will just started in this business two weeks ago, he is an investor who is learning to how to buy notes. After his relentless pursuit is endless cold calls, Will has managed to build a contact list of 110 names.
So you might ask, how is he doing in his pursuit of buying defaulted loans? Lets just say that Will already has 15 banks requesting information about his company and even better…asking Him what his buying criteria is.
(Ohhh, you mean this stuff really works?)
The Note Buying Business-My Banker Needs Help?
Will’s story involves that one special banker he talked to yesterday. That’s the someone that just shared the words in the title of this article with Will. Are you getting this?
A banker … told Will… on the phone yesterday …”I need some handholding”.
Really?
Yes.
A bank worker.
A banker, a employee of a small bank whom Will met as a result in this search for banks that sell defaulted loans.
Will’s Note Buying Story
This is the conversation they had:
Will: “Hello, I am interested in buying defaulted loans. Would be please pass this along to the right person?”
Banker: I wil tell you the truth, I’ve never done this before. My bank is interested, don’t we need to have some kind of confidentiality agreement?”
Will: “Yes, that’s right. I can cross out all the pertinent information on a confidentiality agreement we could use, and I can walk you through the process of how your bank could sell its defaulted loans and walk you through if I need to.”
Banker: “Yes, I would appreciate that, in fact we do have a couple of loans that I want you to look at…I just need some help.”
I’m not making this up! Will, a new note buyer, is “handholding” a banker through the process of selling his defaulted loans.
The Key in Buying Defaulted Loans is Creating Bank Relationships
If Will pulls this off properly, he could be the 1st (and only) investor the bank turns to in order to sell its portfolio of non-performing notes aka defaulted loans.
Do you see how “off” this situation is?
Banks don’t always know. They can be unsophisticated in selling their defaulted loans.
Do you realize the enormity of the opportunity?
Will could be the only investor the bank turns to in order to sell its defaulted loans.
Create Your Own Note Buying Success Story
You can be the next Will! Make it happen. I will be keeping a close eye on Will’s progress this year, i’m sure its going to be great.
So instead of thinking that you are the one who needs help buying notes, get out there…be Will. Do some handholding and teach those banks how to sell defaulted loans.
