It seems like a different approach but if it works and promises business, then why not? As institutions desperately search for a solution to effectively sell their toxic assets and maintain critical liquidity, the first-ever online auction marketplace of individual Notes, BigBidder.com, boldly enters the scene.
Developed by the LFC Group of Companies, BigBidder.com spent two years in development led by a stellar team of mortgage industry professionals who recognized that the liquidity crunch in the secondary markets offered an opportunity to provide sellers with more control over their transactions, sales velocity, and better prices.
“Since launching, sellers have enthusiastically welcomed our site,” says LFC Senior Vice President of BigBidder.com Paul Lyons. “The idea of selling to an increased pool of buyers, avoiding the usually long, tedious and costly sales process and getting better prices has them commenting, ‘This is exactly what I needed.’”
BigBidder.com, an unconventional business model for buying and selling Notes, allows individual investors and smaller investment groups access to specific information and supporting due diligence documents prior to purchase, eliminating the all-too-common “due diligence kick out.”
BigBidder.com is a powerful business tool that gives sellers complete control over their transactions by allowing them to name own terms of sale and minimum sales prices on a Note-by-Note basis, and receive valuable market feedback through the transparent bidding activity.
(Source) BusinessWire
