{"id":3365,"date":"2021-05-10T20:20:32","date_gmt":"2021-05-10T19:20:32","guid":{"rendered":"https:\/\/arttattler.com\/?p=3365"},"modified":"2022-01-01T05:52:34","modified_gmt":"2022-01-01T04:52:34","slug":"bankprospector","status":"publish","type":"post","link":"https:\/\/businessfinancenews.com\/re\/bankprospector\/","title":{"rendered":"Bankprospector"},"content":{"rendered":"\n

Bankprospector Review<\/strong>s<\/h2>\n\n\n\n

A nonperforming note is a promissory note secured by a mortgage loan wherein the mortgagor has failed to meet the payments as specified in the mortgage note for at least thirty days (7<\/a>). They are available to purchase as an investment everywhere, in the US (1<\/a>) and in the European Union as well (2<\/a>) (6<\/a>). Also, as an investment, the foreclosures (5<\/a>) are available too (3<\/a>) (4<\/a>). Here is where Bankprospector, a SaaS platform (8<\/a>) addressed to mortgage note investors, appears.<\/p>\n\n\n\n

Bankprospector is a software-as-a-service platform available to the general public and addressed specifically to mortgage note investors which arranges a repository of lenders and financial institutions that possess NPNs and Real Estate Owned deals within their portfolio.<\/strong><\/p>\n\n\n\n

Bankprospector reviews currently define them as the best platform that encompasses financial institutions in possession of distressed real estate assets. Reviewers value the freshness of the information available, the ability to disaggregate data, and a monthly fee that they can end easily if they want to.<\/strong><\/p>\n\n\n\n

Bankprospector reviews compare this platform with Laneguide, The Note Advisor, and FCI Exchange<\/a>, but the latter abandoned business some years ago in 2020, and The Note Advisor disappeared in 2019.<\/strong><\/p>\n\n\n\n

Bankprospector provides potential investors who are interested in investing, with a complete insight into this database along with some analytical reporting and analysis tools for NPNs, Real Estate Owned deals, and foreclosures.<\/strong><\/p>\n\n\n\n

Customers of Bankprospector utilize the information retrieved inside the platform to contact these financial institutions and arrange the purchasing of their distressed and delinquent assets in exchange for a monthly financial fee.<\/strong><\/p>\n\n\n\n

Bankprospector is not a marketplace, so prospective investors have to contact the entities in possession of the assets and the operation cannot be settled within the platform. So the platform offers the information always updated and the investors have to contact the sellers themselves.<\/p>\n\n\n\n

This SaaS platform, Bankprospector, is used for finding sellers’ non-performing notes. Without it, the investor has to source contacts by themselves without access to listings, calling people that described their situation and would not sell because, for example, they want to take over the property, did not have an inventory of notes, or could not sell their existing notes because they are keeping them until closing their balance sheet because they have declared these credits therein.<\/p>\n\n\n\n

All these cold calls are avoided with bankprospector because you can retrieve a list of banks and financial institutions. that may have assets that they need to liquidate.<\/p>\n\n\n\n

Bank data in Bankprospector is updated every night through a batch run. Credit unions are updated whenever the National Credit Union Administration posts new data and that happens several times a year. Leads are continuously updated as they have a full-time in-house research staff that obtains these leads to feed the system afterwards.<\/p>\n\n\n\n

The ideal user for this program is a note investor like me, or if you are reading this, just like you. A note investor who buys delinquent notes. You can then work them out, either keep them for cash flow or sell them to another note buyer.<\/p>\n\n\n\n

So without bankprospector, I was very frequently not talking to the right people, finding out that they are currently not selling their non-performing notes (NPNs) for the several reasons explained above. And in the note investing business, you are losing time if you are talking to a lead that does not want to sell right now just because he is declaring the property of the asset for tax or accounting reasons.<\/p>\n\n\n\n

Does Bankprospector Work?<\/strong><\/h2>\n\n\n\n

Bankprospector does not sell mortgage notes and is not a lender. They offer to the customers, usually prospective note investors and brokers, a software service to retrieve mortgage note deals and REO listings from banks, financial institutions, and credit unions. <\/strong><\/p>\n\n\n\n

Bankprospector Prices<\/strong><\/h2>\n\n\n\n

BankProspector Basic price is currently $83 per month billed annually or a single named user without multiple concurrent logins. Nevertheless, on their website there are sometimes special pricing, discounts and relaunch offers which can make the annual price lower<\/strong>. <\/p>\n\n\n\n

Comparison Between Bankprospector And Other Similar SaaS<\/strong><\/h2>\n\n\n\n

Bankprospector provides more granular information about banks that possess non-performing notes (NPNs). It is easier to digest and a high quantity of comprehensive tutorials. Laneguide, instead, I have used it less and cannot completely judge it yet. Laneguide is cheaper, but in my opinion, does not give you the reporting depth you find in bankprospector. <\/p>\n\n\n\n

FCI Exchange<\/a> was a different type of service and could not be exactly compared, as we explained in our article<\/a>. FCI Exchange was a famous and very large service to buy and sell mortgage notes. <\/p>\n\n\n\n

They were many years working in the mortgage industry and arranged for their customers very useful information about notes that you could use before buying any note. <\/p>\n\n\n\n

It was used to research the market and discover opportunities within a local or regional area that you could easily select and filter. <\/p>\n\n\n\n

Ideal Users Of Bankprospector<\/h2>\n\n\n\n

The ideal user for bankprospector is note investors and brokers, real estate investors, house flippers, REO agents, commercial note brokers, and other investors that want to find lender direct non-performing notes (NPNs) and REO deals direct from banks, financial institutions, and credit unions.<\/p>\n\n\n\n

Pros And Cons Of Bankprospector<\/h2>\n\n\n\n

Pros<\/strong><\/h3>\n\n\n\n
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