Written by Jeffrey R. Armstrong – President/Owner of Armstrong Capital
Your favorite Master Note Buyer – Straightforward, Honest, Fair…
(taken March 2009)
Company Name: Armstrong Capital
Contact: Jeff Armstrong
How is your company dealing with customers during the recession? The response to our marketing has gone up significantly in the last several months. People need money and they are using us to access their cash tied up in their seller financed notes. We have been finding that note holders are unrealistic in their expectations and do not really know what they have. They think their note is “like gold” or that they have excellent payors. The majority of the transactions that we are doing are partial purchases just to give the sellers what they need to get by during these tough economic times.
What kinds of deals are you looking for or accepting? We are looking for first position seller financed notes secured by real estate nationwide. At this time we have been doing most of our transactions on notes secured by residential and commercial property types. Notes secured by land has been quite difficult to get funded lately.
What are the parameters of those deals? There are good notes and there are rough notes. In reality we will look at them all but the note holders may not like our pricing on the poorer quality notes. The good notes have a property that was sold for it’s true market value, a decent down payment and a buyer/payor with a decent credit score (650 or higher is best). We will look at notes with different parameters but the quality of the note will be reflected in our pricing.
How do you think the stimulus plan will affect your plans for the future? At this point, it does not look like it will affect our plans at all.