First National Acceptance Company

Very easy, professional and stress free process to sell the note for my mother’s estate. Even tho there were extra hoops to jump thru due to it being an estate transaction all went smoothly and on time. Would definitely recommend this company.

We dealt with Scott with FNAC and he did a super fantastic job with us. He contacted us originally and answered all of our questions and had a very positive outgoing attitude. He was very responsive on the phone and via email. I would highly recommend this company and Scott to anyone that is looking to sell a personally held loan.

We were solicited from many agencies and never interested until we spoke with DeeAnn from First National. We first checked there AAA rating and continued the conversation. My biggest fear to look out for was other agencies drag this out then low ball. DeeAnn not only offered the highest amount on a timely fashion, they also as per contract continued 2 payments after it closed. The amount offered came out to be equivalent to the original amount owed. I am an investor and looking forward to our next business transaction.

Selling our note to First National was an extremely stress free experience! I called them on August 12^th and spoke to John Bjorlie. He was very pleasant and helpful. After faxing some of the paperwork from the mortgage over to him, he responded immediately with an agreeable cash offer verbally and followed it up in writing a few days later. It took a few weeks for the company to do whatever they have to do and we finalized and received our funds on October 1^st. We didn’t have to do anything but wait a few weeks and then sign our paperwork!
It was a pleasure dealing with John and First National and we wouldn’t hesitate to use them again if we ever wanted to sell another house note.

They buy notes and lots of the negative reviews I have read on the web seem to be from people who don’t understand the process. I found myself in a real estate deal that needed some more cash from a third party. Got 18 quotes from different note buyers and these guys (Terrell Wade) gave me the highest quote. He was also one of the fastest at getting back to me. He answered a pile of questions.
Will call on him again next time the need arises.

I had a great experience in selling my note to first national acceptance company. I got the cash quick and fair deal. The process was simple and painless, because first national acceptance company did almost all the work.

Watch out for their low ball offer. First National Acceptance offered me $ 10K net after expenses to purchase a note with $ 15K principal remaining on an original $ 20K loan, 10 yr term @ 7% interest, where the buyer had paid $ 10K down at purchase. They also said that there would be a 30 day closing period. A local realtor gave me the phone numbers of 2 local people who were in the business of buying notes. One offered $ 12,100 and the other offered $ 12,500 net to me, with closing in a week after I signed a purchase agreement. I went with the higher offer and was handed a bank cashiers check less than 2 weeks from my initial request for quotes. So if you’re looking to sell a real estate contract, check with local people first!

I have received several solicitations over the past few years requesting to buy my private mortgage. They recently offered about 79% of the value that I am owed on the note. The note is 2.5 years old, current, and carries over 8% interest. It seems that they are looking for distressed sellers, and there is a place for that. However, they claimed that because a dollar today is worth more than a dollar tomorrow, they have to offer less than the balance owed. This is false, because the payments that the note owner receives have the interest built into them. The sum of all payments yet to be made much exceeds the current balance, so they could pay more then the current balance and receive a rather positive return. To be exact, if they pay the exact balance owed, they will receive the nominal interest rate on the note. Higher or lower returns will be seen if they pay a lower or higher price. Their offer would have given them a 13.5% annual return if they held the note to maturity, which is fine, but they lied stating that they need to pay below the principal owed in order to make a return on their investment. When I tried to make this point, they hung up on me.