Companion files · The Mortgage Note Investor
Note investing by the numbers: how to price, buy and work out performing and non-performing real estate notes.
These are the two workbooks that reproduce every figure in the book. No sign-up, no email address, nothing locked. Amounts are in dollars; every yield and IRR is an annual rate compounded monthly; blue cells are inputs, black cells are formulas.
Part I · Chapters 2 to 5
A performing owner-financed note with a balloon, offered at 92 percent of its balance. The price at any required yield, the yield at the asking price gross and net, what prepayment, the balloon and an extension do to it, the partial, the fixed costs on a small note, and the default overlay of Chapter 5.
Download the workbook117 KBParts II and III · Chapters 6 to 15
A nonpaying first lien in a judicial state, bid from its foreclosure floor month by month, one column per timeline, value and hurdle; the reinstatement, modification and deed-in-lieu paths and the blend; leverage; and an eight-loan pool with two second liens, taken apart loan by loan down to the bid.
Download the workbook259 KBEach file has a Check sheet that puts the figures the book prints beside the live formulas. No macros, no circular references, no external links.
| Mesquite Lane | Price at 11 percent net: $126,802.91, 90.71 percent of the balance |
| Harlow Street | Floor at 20 percent, judicial: $69,754.43; non-judicial: $114,834.89 |
| Calloway tape | Pool IRR at the 52 percent ask: 17.66 percent, against a 20 percent hurdle |
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