We have been buying mortgage notes, land notes, and commercial notes for over 20 years. Every deal is different — different property types, different borrower profiles, different note structures, different outcomes. We publish these anonymized case studies so note holders can see how real transactions work: what factors affect pricing, what the seller actually received, and what lessons apply to their own situation. No names, no exact addresses — just the numbers and the analysis.
What These Case Studies Show
Every mortgage note transaction is different, but certain patterns hold true across our acquisition portfolio. We publish these case studies in order to give note holders a realistic picture of what the secondary market looks like from the inside, including the factors that drive pricing up as well as the factors that push it down.
Across the transactions above, the net proceeds to the seller ranged from 72.5% to 93.97% of the unpaid principal balance. That range is not random. It is predicated on the specific characteristics of each note, including the down payment collected at origination, the borrower's credit profile, the interest rate, the payment history, the property type and the lien position. Notes with stronger fundamentals consistently command higher pricing, plain and simple.
How Note Type Affects Pricing
Residential and commercial mortgage notes secured by freestanding structures in urban and suburban areas command the strongest pricing on the secondary market, and these two categories can produce identical percentages. What drives pricing is the strength of the individual deal, not whether the property is residential or commercial. The Sapphire, North Carolina transaction (94%) and the Fort Lauderdale, Florida transaction (87.5%) both demonstrate what is achievable when the fundamentals are strong.
Where pricing consistently drops is on note types with a smaller pool of secondary market buyers. Land notes, mobile homes (with or without land), and special use properties such as agricultural land and houses of worship attract fewer investors, which translates to fewer competing offers and lower pricing. That being said, the Prescott Valley, Arizona transaction (85.5% on a manufactured home) demonstrates that strong seasoning can overcome collateral-type discounts.
Market conditions also play a significant role. The types of notes flooding the secondary market at any given time, the interest rate environment, and broader economic conditions all influence what investors are willing to pay. When a particular note type is in high demand and short supply, pricing rises. When the market is flooded with a specific product (as happened with unfinished construction loans in 2023-2025), pricing on those notes drops regardless of the individual deal's fundamentals. These case studies reflect pricing at the time each transaction closed.
How to Get the Best Price When Selling Your Note
If you are holding a note and considering a sale, the single most valuable thing you can do is understand what drives pricing before you contact a buyer. We have put together comprehensive guides for both mortgage notes and business notes that walk through the specific structuring decisions, documentation requirements, and common mistakes that affect resale value. If your note has already been created, our guide on how to sell a mortgage note covers the process from start to finish.
We add new case studies as transactions close, which means this page will continue to grow over time. If you would like to see what your note might be worth on the secondary market, request a free quote and we will provide a no-obligation offer within 48 hours.
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