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1st Lien UPB of $155,968 + 2 Years of Arrearages

$55,000 Purchase Price + Attorney Costs + Fees

$100,000 FMV

18 Months to Foreclosure

We picked up the clean 2 bed, 2.5 bath, 1236 sq ft condo note from a hedge fund. It took us 18 months to foreclose in Florida after several delays by the borrower’s attorney.

We sold it at the foreclosure auction for $95,000. We netted $40,000 profit that we split with out JV partner. The profits were split 50/50.

The investment yielded an annualized 24.2% ROI for our JV partner. The deal took longer than our normal 12 month time frame.