EP NNA 72 – Make Money On Banknotes: How To Target Banks With Distressed Notes

NNA 72 | Distressed Notes

NNA 72 | Distressed Notes

 

As they say, you can find gold in the least likely of places. That has never been more true than now. In this episode of Note Night in America, Scott Carson discusses the lowest-ranked banks according to the Bauer Financial list and why you should be targeting them to find distressed notes to make money with banknotes. He discusses using note exchange websites and cross-referencing the county records to find the banks holding the distressed notes and then using LinkedIn to contact the asset managers. He also breaks down the amount of current 90 day plus defaults across the worst 99 ranked banks and how much of that is residential versus commercial debt.

 

Sign up for Dave’s one day class for just $49 at https://bit.ly/DavesClass

Watch the episode here

Listen to the podcast here

Make Money On Banknotes: How To Target Banks With Distressed Notes

Targeting Banks

I’m glad to have you here. I’m sitting here like, “What am I going to talk about?” I’m thinking about a variety of things to teach. I wanted to harbor a topic that would add value but a lot of us would agree that many people have been sitting in limbo waiting to see what’s going on. We have a question, “How much does the Bauer list change from month-to-month?” It varies as the number of banks increase. We’ll get to that later on. The BauerFinancial list is usually somewhere between $300 and $400 per month so it varies. I’m sitting here thinking, “What would be a good topic?” We’ve talked a little about raising capital, about some other things. Let’s dive into what I would be doing, where to focus, where to target, and stuff.

Let’s talk about the targeted banks. I don’t want to overstress anybody like, “There’s a ton of lending institutions. Where do I begin?” That’s always the first question people ask. I don’t know where the heck to begin. The first thing I want to think about is I was sitting here talking with a friend and it often feels like it’s a Kmart Special day. Remember Kmart and the Blue Light Specials? “Attention Kmart shoppers. We have a Blue Light Special on aisle six for the pens, baby food, or automotive.” I’ll tell you right now, everybody, it feels like America is a Kmart Blue Light Special, especially on the commercial debt and some of the distressed. It can be a little rough based on what we’re seeing on it.

I am telling you this, it will get worse. A lot of people aren’t talking about things like we are. There’s an article that came out in BS News and another one on how does he want to talk about the forte for a lot of investors in distress space and not knowing what to do, where to begin, or what to focus on. You’re going to like our topic for the most part. Let’s talk about it because of the forbearance as I say part A. What does that mean? It ends because of a couple of things. First and foremost, the government-backed loan forbearance where they’re putting a cease on evictions and foreclosures if your government-backed loan ends August 31st, 2020.

That’s a six-month period that is coming to an end. That was part A. Why do I say part A? The plan is on Ginnie, Fannie, Freddie and stuff like them is already in place. This was in place 4 or 5 months ago, roughly in March 2020 when this thing all kicked off. They were already planning to have a second six-month period if people needed it. This is on the residential side. A second six-month period to offer up to people that have government-backed loans for a second loan forbearance agreement is already out there. It’s already been on the talks, nothing new. People start saying they’re going to go out and extend it in some cases. It’s already been talked about. It was already on a conference call.

I’ve seen the slides. I was there seeing the replays and stuff like that. They’ve already talked about doing a second series. This does not include though your non-government, your non-QM loans, your investor, or even your commercial loans. Hopefully, you guys will take heed to this that things are going to get very different here in the next 90 days. For some states that are already going back to evictions and foreclosure, that’s already taking place some things. If you’ve been on any of my Nation Top 40 webinars, you’ve seen or heard me talk about that the banks have had roughly six months to evaluate their portfolio. Not quite six but close to it. They can know who’s the good borrowers, who are the bad, and what loans are going to be ugly. They already know and they’ve been working through that.

Trust me on this. They know because they’re not sitting around with the algorithms that FICO offers and their algorithms. I’ve had some interesting conversations with bankers even on loans that were performing, borrowers have been paying that bank, or the different banks for years, if not decades, in some cases. I don’t think things are going to blow up but it’s going to be interesting here in the next months as we go through the 4th quarter, October, November, and December 2020. Some of the numbers, 4.7 million forbearance borrowers. Out of that number, 3.4 million of them are government-backed. There are 1.7 forbearance agreements that aren’t government-backed. They are going to be coming to an end because the banks can’t keep kicking the can down the road for six months.

We’ve got to do something. They may extend it for a period of time but you’re going start seeing, especially some of these in areas that the borrowers have got difficult. You can start seeing the banks maybe not foreclosing but the banks might be looking to move that stuff off of their books. The government stuff, I don’t think they’re going to worry about moving too much, but the non-government stuff, that’s $1.3 million, $1.4 million loans, the Piper has shown up and expects to get paid. If you think about that, 9% of the $1 trillion mortgage market, $1 trillion-plus loans is in that ending of the forbearance agreements. That’s where you have a huge dollar amount coming onto the market

Small Distressed Debt Notes

There are $4.7 million forbearances, $3.4 million of them are government-backed, the six-month period is ending for the government but starting their loan. They’re starting to back up and borrowers ask for it. Non-government-backed loans are the ones that are going to be hitting the hardest here. Let’s talk about small lots of distressed debt, no chapter. We know that it’s a 7.76% default rate where borrowers are at least 90 days-plus behind. That’s what we know. Those numbers are not out yet for the end of July 2020 but I would say that number is going to get worse for a couple of reasons. When you look at the BauerFinancial Q2 list that we pulled, and BauerFinancial is a bank rating system that evaluates credit unions and banks.

NNA 72 | Distressed Notes

Distressed Notes: Non-government bank loans are probably the ones that are going to be hit the hardest here.

 

They go and they pull the quarter reports that the banks file with the FDIC and then they look at it because the banks are disclosing. Was it default to what we have? The thing that we do is we don’t target banks that have 1 or 2 branches. They’re too conservative for the most part. We do look at banks that have at least five branches or greater because they’re starting to get a little bit of overhead. They are a little bit of a footprint that they’re more lenient in their lending. If you look at the Q2 numbers that we got in June 2020, there are 1,974 total banks on that total individual institutions across the board on the spreadsheet. We give this list to our Note Weekend students. It’s an actual bonus that we throw in there for everybody.

If you take it and re-rank it by rankings and throw out the banks with a 4 or a 5-star. I’m not saying that they don’t have debt because we know that 4 or a 5-star, there’s distressed debt but let’s narrow in and focus on the ones that are not a right tax. If you look at a 0 star all the way up to 3.5 stars, it’s not much but 99 banks. About 5% of all the banks are 3.5-star rating or less. They didn’t even have zero stars. There’s this one zero star. Some 1’s, 2’s, 3’s and 3.5’s but anything below that, that’s going to be the ones that have the most trouble. That’s not a huge amount, 99 banks. It’s like 99 bottles of beer.

Ninety-nine banks with distress still on the wall. Ninety-nine banks with distressed debt. Take one down, pass the assets around, 98 banks with debt on their books. Ninety-nine banks, that’s not too difficult. That technically could be 2 to 3 days of dialing in specifically to call these banks and reach out to them. Of those 99 banks, they have an average portfolio default of 17.16% across the board. Some less, some higher, but that’s bad. That’s double the national average if you think about other portfolios. 17.16% of their portfolio is 90 days in default or greater. If you look at that total number of 90 days plus default, it’s $2.56 billion in loans.

This is why I say that 7.76 number is going to get worse because they have an additional of these 99 banks, 687 million in loans that are 30 to 89-day defaults as of June 2020. Expect a 3.2, somewhere around there where you have some serious defaults. It’s July, August 2020, when they come up with a new report here, that number is going to get worse. That’s why I say that 7.6 is getting worse but that’s on these 99 banks. You look at what their portfolio is on the Bauer list, it will tell you who’s got defaulted, non-performing single-family resident loans. 1 to 4 residents. Out of that amount is 574 million of that number out of 2.56 isn’t on the resi side. The rest is on the commercial side.

That’s still a tremendous amount. I’m breaking it down a little bit further. It’s a total of 1,007 individual branches across this country. The average bank that is in this distressed state has roughly about ten banks and it spread over, but not limited to 34 States. When I looked at the home office of the Bauer list, it gives us 34 individual states on these 99 banks. That’s a good footprint of distressed debt across the country. That’s over 65% of the country. Let me draw that number back. We wouldn’t say 65% of the country. I’m saying is there are assets in about the most popular states.

That’s not including if that bank is lending in multiple states. We got one of the states on the filter. I didn’t have time to go through and check with all 99 banks and state about their thing, but we do know there are over 1,000 branches. I’ll give you a comparative of that, the Bank of America has over 5,000 branches and has roughly about $9 billion in distressed debt. When I see this, this means a lot of opportunities. There are some big guys and some smaller guys on that list as well too. The bank that has the biggest number of branches is over 50 branches. To me, that screams Blue Light Special. Blue Light Special on distressed debt. Blue Light Special on commercial mortgages. That’s what comes to mind with that. That’s where we came from it. I’m trying to show you off that 99.

If you went in to pull the whole bank list from one branch up, it’d be a lot more banks. It would be a lot more expensive lists. I don’t want to target banks that have one branch because it’d be dang conservative. They can’t take a big loss so they’re going to be the ones that do end up going through, foreclosing, and taking the asset back or trying to be flexible. It’s not saying you can’t buy from them, but I want to deal with a bigger pool. I want to make it a smaller pool for me and we’ll reach out. So far, where we’re going with this, I think it does. Thirty-four states are represented across 1,007 branches. I would say $4 million in nonperforming single-families. The rest is under $1.9 billion in commercial loans of all types of asset classes.

Contacting Banks And Asset Managers

When should you start contacting these asset managers? When should you start contacting these banks? You won’t be surprised when I say now. You start contacting these banks now because they had their six-month window. They’ve taken their summer vacations. We’ve dealt with it working from home, but you should start contacting these asset managers now. This is why we pushed off doing a Calling Banks things in to push it because we knew the opportunities. I have a method to my madness. Think about this, how are you going to reach out to them? A variety of ways. Make the connections now because they won’t sell this quarter, but they will in the fourth quarter. You want to start making those connections. You want to start putting that system. We’re not talking 5,000 banks, everybody, we’re talking 99. Out of the calls out of here, only 5% of you will do this. Maybe less but start making the connections down.

NNA 72 | Distressed Notes

Distressed Notes: One deal can potentially lead to other deals.

 

Jump on LinkedIn and tracking down those bankers with direct messages to them. See if they have a LinkedIn profile. If they don’t, jump on and look for commercial, special assets manager, secondary marketing department, the whole loan trading desk for these banks. You should be able to find somebody that falls in one of those three categories in all of these 99 banks. We found quite a few. If you are looking for more specific names, here’s a little bit more creative aspect to let me get directly to the decision-maker. You could go to the county and I’m willing to bet that everyone in the banks, when they list their main office is located in let’s say Kansas City, Missouri.

I would go in that county and I would look for Assignment of Mortgage, AOMs, with that institution name because only an assignment of mortgage is going to be the person that signed off on it and had notarized, took the transfer of them assigning that note to some other institution. Now you’ve got a name at that bank in that County knowing that, “This is the right person I need to reach out to or one of the decision-makers to put me in touch with the right person.” If you’re not going to do that and you do have a foreclosure list that comes out monthly in your County, you may want to purchase the foreclosure list and look for whoever the foreclosing attorney is on that asset and reach out to them to see if they’d be willing to make an introduction for you or if they would put you in touch with that person with the idea that you want them to continue their legal aspect of things.

That’s one thing we’ve done in the past. Here’s another thing that you could do. Reach out to experienced commercial realtors or experienced commercial title reps in the local county and say, “I’m trying to track down the head asset manager at Beal Bank. I don’t know if you’d have a connection with somebody at Beal Bank, Bank of the Orient, Bank of the West, or the Bank of Washington County.” In the areas of those banks. Why title reps? Title reps in the local County often know all the names they’re dealing with foreclosures or dealing with asset sales. Your commercial realtors or commercial title reps are usually the most experienced and savvy people in those locations. Email me at Scott@WeCloseNotes.com is what you would need to do.

Here’s the thing. As I said, if you’re looking at the counties for the banks, search by the bank name, the lender name, the County recorder. The AOMs would be under the recorder or the clerk office, not the appraisal district. We’ll talk all about that. Look at the foreclosure attorneys, commercial realtors, or commercial title reps in that local County for an office. Hopefully, you’ve got a relationship with a local title company that you can talk to. There are other ways to find some commercial lenders or commercial properties. A company that has bounced back up with everything going on is Ten-X Commercial. This is a website that lists notes for sale. There are other ones but we’re going to use Ten-X as an example as some of the things that you could do to find other assets.

Ten-X here is the commercial side of Auction.com. When you go to Ten-X, it’s free to log in. It doesn’t cost you anything. I said all property types in Texas. The beautiful thing is right off the bat here in Austin, Texas is this Hyatt Place Austin Arboretum starting a bid at $4 million. Does anyone want to buy a hotel in Austin for $4 million? I want to try to track down who the lender on this deal is so I can see about possibly buying their debt or see if they have other things. That’s what I want to do. I’m going to click on Travis County here. The first thing I’m going to do, go to NETROnline, Public Records Online, this is the county records. Free website and their online ads. This is in Travis County or you pick the county, see if they’ve got anything in your local state or anything like that.

The whole goal isn’t that target that hotel but to target the lender. If they’ve got one thing, they’re going to have some other stuff if they’re looking to move or trying to sell that asset. Travis County Appraisal District, click there, go to data online. The address is 3612 Tudor. Here’s the owner’s name, BVLCP Austin Investment. The appraised value is $15 million. If that doesn’t tell you that they’re tax appraised value is $15 million and they’re selling the note for $4 million, that’s $0.30 on the dollar roughly. I’m going to go back to the clerk because I’m going to look to see who financed that deal. The Travis County clerk or the recorder’s office in other areas, I’m going to click and go to data online.

I’m going to go to the real estate side. Most of the time they’re free. That’s the thing on the real estate stuff. I’ll type in on this county here which is nice, BVL Austin Investment Group, Dallas, San Antonio. I wonder if they have a portfolio. Here’s where you see Wilmington Trust, Starwood Mortgage. This is 2015 transfers. You see the deed of trust. This property was financed from Starwood Mortgage Capital. It looks like this was a UCC. Let’s click on that and view the UCC years ago. JPMBB Commercial Mortgage Securities Trust, Starwood Mortgage Funding, LLC. That’s who financed this purchase.

What am I going to do? I’m going to go google Starwood Mortgage Capital. Lo and behold, guess what we have here? We’ve got a website for the institution that financed this note. The team is right here. The Chairman is Larry Brown. Rich Highfield, Senior Vice President Loan Origination. Capital Markets, Jeremy Beard. I’m going to click over on LinkedIn. I’m going to type in Jeremy Beard and Starwood. It’s in the Greater New York area. That’s who I pick up the phone to give a phone call and see if they have some notes. If they have one note, they’ve probably got more. If you want one for hotels and they owe $15 million and they’re selling it for $4 million, that might tell you may be able to pick up an asset relatively cheap.

NNA 72 | Distressed Notes

Distressed Notes: It is still worth it to pick up the phone and track down the asset manager and the secondary marketing special asset manager to see if they have anything else on their books they want to get rid of.

 

$4 million’s not a cheap asset but still if somebody is motivated to do that. When I was looking for it earlier, I also did a search on that and found that BV has a property in San Antonio and Dallas as well there too. It’s a hotel operation chain that’s in trouble with all these assets. One deal can potentially lead to other deals. That was on that one asset that I found in Ten-X to find out who the lender is. On the background of it to see who’s the lender, who financed this stuff, who’s the originator. The whole point is to follow up with them with an email or reach out on LinkedIn. “Is Ten-X just commercial?” Yes. It’s the commercial side of Auction.com. Auction.com is the parent company. It has a residential side. It’s a split between the two. Think about this. If you find other commercial notes, you could go to Xchange.loans.

If you find the address, use this warm asset to find out who the bank is then go from there. Juliana says, “Can we see this seller info on Auction.com?” No. They won’t tell you the seller because they don’t want you to go around. This is why you’ve got to take the address, search the County, and then work it backward. If they’re going to sell that asset at $4 million, I’d be willing to bet they sell the note cheaper if they haven’t foreclosed on it yet. Auction.com makes its money. Auction.com and Ten-X because they’ve got realtors involved with it are listing the asset on behalf of the company. We’re not targeting specifically that asset, we’re looking more so to see what else they have.

The thing is, when I clicked back on Starwood, I clicked on properties. They’re like, “Do they have some foreclosures on here?” It tells you the kind of loans that they’ve done. Originate loans on all property types nationwide including office retail, lodging, multifamily, industrial self-storage, mobile home parks and mixed-use. Here are some of the loans that they did, A-1 Stow Away in Yulee, Florida for $2.7 million. Holiday Inn Express, Louisiana, 1001 Stanton in New York, New York. A lot of New York stuff here. Novi and Farmington Hills, Michigan, Haggerty Corporate Park, La Jolla Seaview.

That’s an office building. I might know that place. Walgreens. Here’s another storage X92 here in Georgia. They’re doing some higher-end stuff. They’re not going to be doing $100,000. The reason I want to make sure and talk this out is this is that cuffs that $4 million mark is below the $5 million mark that a lot of the commercial guys do. They’re willing to sell it for less. It might be an opportunity if you get some people together but they finance the Hilton Hotel portfolio for $68 million. What I’m trying to get as these are some of the loans that they’ve done. I would call them and say, “I buy debt. What do you have in your books that you’re looking to get rid of?” knowing they already have this property on Hyatt Place.

I found these Playa Vista condos and additional land on Lake Conroe, starting bid at $1,000,050 and I pulled up the profile and looked at it. It’s quite a few condos. A million is not too big at all. Twelve units plus the ability in the land, 5 acres of land for an offering development up to 112 new units. I did that. I went to Montgomery County, typed in the address, found the borrower. I went and deep search to find out who the new lender is on this asset because I’d pick up 12 out of 38 and then an additional 5 acres of land to build on that stuff. It makes sense now. I wouldn’t build now, I would wait. If I can make the 112 units work, they sit on the commercial debt. If I could pick that up, say $0.50 cents on the dollar, these are some nice high-end $200,000 units. If I could take it over and let the borrower walk, I could become an out stone and good on the REO side of things.

That’s what I do. I would look at your city. Some of you guys are not even paying attention. You’re like, “I’m on Ten-X or I’m on Xchange.loans. I’m trying to track down who the lender is on that stuff.” I’m not going to go through these guys because the realtors here in Ten-X is going to try to sell it as much as they can. They’re going to get paid a 5% transaction fee or at least $25,000 minimum to sell the asset. I don’t want to deal with the asset. I want to deal with the bank and either get it for a lot cheaper and cut out all the BS back and forth. They’re talking about the property, they’re not telling me the loan amount but the idea is the lender would have some other things on their books.

After I find the address, I’ll jump on NETROnline for the appraisal districts to find the borrowers and the correct owner, if it’s an owner or the bank. If it’s a bank, they’ve already foreclosed but still worth picking up the phone, track down the asset manager, the secondary marketing, special asset manager to see if they have anything else on their books they want to get rid of. Check the county deed, the county records for any assignment of mortgage transfers. Find that person in charge there who is making the decisions or sign off on the loan sales, and then go that route. Contact the bank institution for more details and get on their list. You can check their website. I’d be checking on LinkedIn. I would be dialing for dollars to do that aspect if you found something that made sense for you.

BauerFinancial, here’s the list. We pulled it up and we ranked them. You can see some of the names on here. FMT Bank, Bank of Louisiana. These are ranked in from one-star ratings and beyond, 1, 2, and for some reason 3.5 stars came up next instead of 3, and then 0 star is at the bottom. You can see over here what I mean by branches on the line and stuff, it’s not the biggest branches but they’ve got a lot of the distressed debt. They’re unranked. I’ll start with those. If I can make a relationship with a bank like that, one of those few relationships I have that has stuff especially that needs to get off their books. What I’m saying here, some of these banks on here, 57% of their net worth is in default. Some of these have lower default rates but some of my damn higher ones of the bank’s net worth in distressed assets. This is what I’m trying to get at. There’s a wealth of information on this list with the banks.

Distressed Notes: Always put eyes on an asset. You can still trust but verify.

 

These numbers here that are part of it are their generic customer service. I’m going to call those. I’m going to be using the information I find to reach out, as I said, on LinkedIn to try to find the right person. I’ve already started working through it. I showed you how to track this person now. That’s what I would be doing now, guys and gals. I would be spending time doing that. If you get signed up for Note Weekend, you get the BauerFinancial list. The full list of 1,784 banks. Guess what else do you get? A ticket to the Calling Banks. They get $59. That’s over $400 in extra bonuses thrown in if you sign up for NoteWeekend.com. Those are the activities that I would be doing. I know it could still seem daunting, “50 phone calls or 100 banks.”

I can still narrow that list down to zero. What’s got the least amount of defaults? I’m starting with the highest number of branches and worked my way that way. You don’t need to find a lot of deals. You don’t need to have 100 banks in your assets over the next six months. If you have a couple that you can send that you can reach out to, you can start looking at these lists and if you can negotiate the note sale to you, it’s going to give you time 30, 60, 90 days to move these assets or to find other people. That’s the big thing. What am I doing? I’m going to reach out to some condos and high-end stuff in Conroe.

I’m going to reaching out to different hotel groups especially if something is in my backyard here, I’ll schedule an appointment, go walk the property and see, “Can we convert this to apartments? What’s the occupancy? What does it look like?” Reaching out to a couple of other funds that are in the hotel space that you want to pick up some assets. Some opportunities there and getting it to a point where you can buy the asset cheap enough that it would make. $4 million off a $15 million loan, let’s see if we can’t make this thing run on the $4 million. That may be a point where we need to be at or less to get it operating.

Questions From The Audience

The thing is if I’m going to spend a $4 million loan, I’m going to jump online, a list of investors in the local area and reach out to people, “Who’s looking? Who’s wanting to jump in?” Putting a Reg. D together or something like that fast for a special purpose asset to make it happen. That’s a whole other story for another day. That’s what I want to talk about. Ninety-nine banks with debt on their books, take one down, look at the assets around, 98 banks with debt on their books. The crap my mind comes up with. Questions, comments, concerns for all of you guys that are out here. We see a lot of you. Remember, if you guys are part of the WCN membership, you get a ticket to the virtual workshop, to our Note Weekends, to the Calling Banks thing as well.

We have a question, “Will you have a Bauer in-phone number for your bank calling webinar? I will be away from the computer at that time? Do you have the webinar?” Yes, that will be done via Zoom. What I do is I have my speaker here so when I’m calling the banks, you can hear the speaker right next to the mic so you can hear the conversation. You could put it on the phone and listen. The thing too, it’s recorded. We record it via Zoom and those who attend get the replay to watch the replay. If you miss it, you can still watch it later on. RM dropped me an email at Scott@WeCloseNotes.com. It depends on what type of assets and stuff like this just as I love this topic. So do I, Jeff. As I said, 34 states and just what we looked at. The 34 states of what those, that doesn’t mean they’re not in 48 states. It doesn’t mean they don’t have assets in other places.

If you’re in California, let’s look at something here fast. There was quite a bit of new share. Only five commercial properties. The La Jolla commercial, I agree. That one would be nice. This is a senior care facility with five duplexes in Paradise. This might be a decent one. Fully operating industrial land, a desert Vista, it’s entitled. I don’t think I want to do residential lots of Victorville, a Dollar Tree Center in Yuba City. That’s all it showed up here on this one. The other one was a loan that they’d financed it. Starwood Finance, Jeff. The same thing, you can look at this stuff. The starting bid is $75,000 has been dropped. It’s a vacant size, 9 acres, multifamily, opportunity acquire, five duplexes, ten two-bed, two-baths, and a former senior care facility, approximately 30,000 square foot at Nigel Acres. Offering because it’s two lots, both lots in the offering or zone multifamily.

You still want to do your due diligence. We have a question, “Do you teach commercial short sales?” A short sale is a short sale whether it’s residential or commercial, it’s not that bad. When you’re buying the debt, it’s relatively easy to do a short sale. That’s an opportunity. I don’t have to look more into this one. Do you see what I’m saying about getting a break? I get excited about this. The offering is two lots, above lots of the offering is on multifamily and residential to redevelop the asset. Thank you, Jeff Wolfe, Paradise, California. I had a huge Hort force far in North Cal in 2019. It wiped it off the map. That’s why it’s at $75,000. Thank you. There’s always got to be something. I was like, “What?” That’s why you always put eyes on an asset. Not trusting something but you still trust but verify.

That pisses me off that they’re marketing something like, “Here’s what it looked like.” They’re trying to get some poor sucker to bid on the damn thing. That’s all I’ve got for you. There are 99 banks on the wall. That 99 banks are in trouble that already at 0 to 3.5 stars, there’s a lot of 4 stars and 5 stars that had distressed debt. I would target the lowest hanging fruit. That’s where you go from. There are still $2 billion in distressed debt there for you to take a look at. Have a great rest of your week. Be safe, stay healthy and we’ll see you off the top.

 

Important Links

 

Love the show? Subscribe, rate, review, and share!

Join Note Night in America community today:

Leave a Reply

Your email address will not be published.