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The Millennium Capital Group, LLC. deals with both buyers and sellers of REO's. In order to do this for our clients, we are constantly looking for new selling/buying sources so we can always be in the position to help you and your company obtain/liquidate the product that you desire. Please keep in mind, that even though we have several sources available to us for our buyers/sellers, we will only utilize one source at a time so things can stay simple. In the unlikely event that one source cannot perform for any reason, then we will see if another source can. We will do what it takes to the best of our abilities to fill your orders with out having them shopped around.
Each source has their own protocol in order to get a deal on the table and to even complete a deal to 100% satisfication. Some sources may require special paperwork to be filled out and submitted or certain protocol to be followed.
Regardless of what source we utilize, all sources require that the LOI's submitted to be put on the Buyers official letterhead. If you do not use a company letterhead, then putting the name, address, and telephone number of the buyer would suffice. If you are the Direct Mandate for the buyer the buyer can name you on the LOI as such. Again, this is something that all of our sources require and it is non-negotiable. If a LOI is submitted that is not on the buyers official letterhead, our sources will not accept the LOI.
Regardless of what source we utilize buyers will pay +3 on all orders placed that successfully close. The 3 points will be split as follows (1 point to sellers mandate, 1 point to intermediaries (TMCG, LLC. will split this with any other intermediaries involved in the transaction), and 1 point to buyers rep). This is also Non-negotiable.
The Millennium Capital Group, LLC. does reserve the right to refuse to work with any intermediary, buyer, buyer rep, seller, or seller rep as we see fit.
You will find a pretty straight forward blank Criteria letter that will just need to be copied and pasted onto the buyers letterhead and filled out. Along with this, we do require our company's NCND agreement to be signed and returned to us either by email or fax before submitting any LOI. We require all parties from us to the buyer and from us to the direct seller to sign this agreement. This is non-negotiable as this will protect all involved.
We do not deal with broker/daisy chains. We wish to work with either direct buyers or their direct reps only! as well as with direct sellers or seller mandates. In some cases, we will work with one other intermediary on a deal on a case by case basis.
Below will be a list of our buyers/sellers and their protocols that must be followed to have a deal done successfully. If you can agree to their protocol, then let us know, and we can take it from there.
NOTE: The Criteria Letters MUST be on the buyers company letterhead in order for all of our sources to accept the LOI.
TMCG, LLC. NCND Direct Buyer Criteria Letter
Buyer's
Buyer 1:
Our largest buyer that we are connected to via 1 other intermediary is a very large Nationwide corporate buyer. They are a Private Equity firm backed by cash.
The buyer himself has no issue in proofing (whether soft or hard), but will only do so to the direct seller. He will NOT under any circumstance submit his LOI/POF information to any broker.
They are looking to purchase Nationwide with an emphasis on Arizona, California, and the Western States. They are currently seeking to building relationships with true, legitimate sellers that they can buy from on a consistant basis of $150 to $200 Million per month. However, if a seller has a large tape, they can take that down as well.
Any seller who is not a bank, but show proof of product of assets, before the buyer will go any further.
The protocol to work with this buyer is pretty simple and straight forward.
- Everyone from you to the direct seller/seller rep will be required to sign our company's NCND agreement. Once this is done, we will set up a conference call.
- The conference call will be between buyer rep, TMCG LLC, seller rep, and possibly seller as well (if there is more than just TMCG LLC as an intermediary, they will be allowed to be on the first conference call. This one will be so both the buyer rep, and the seller rep or seller can speak and come to terms on how both principles will be able to proof up to one. If this is acceptable, 2nd conference call is set up.
- The second conference call will be between buyer, buyer rep, seller rep, and seller. No intermediaries will be allowed on this call. This is because the buyer and seller will be proofing up to one another.
- Once both principles verify one another, the buyer will send over their LOI made out to the seller.
- Once the buyer receives a tape, he will submit an official 4 to 7 page LOI with in 48 hours made out once again to the seller for the particular tape he is reviewing while completing the due diligence on the tape.
Below is the criteria for this particular buyer. If you are a direct seller/rep or 1 away, and the seller can agree to the above terms, kindly let us know.
nationwide bank-owned residential real estate assets
with an emphasis in Arizona, California and western states.
Portfolio Size: $1,000,000 - $50,000,000 face value (Will consider larger)
Property Type: SFR, Condos, Townhouse, Mobile, Multi-Units
Asset Value Range: $100,000 - $1,500,000 as current market value
Purchase Price: 50-65% of current market value based upon Due Diligence findings.
Property Condition: Zero-to-light rehab (will consider medium or high rehab)
Funding: Unencumbered Cash Transaction
Due Diligence: 7-14 Days
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