What types of mortgage notes are offered by Landmark Land Sales to investors?
A. The mortgage loans offered for sale are notes secured by first mortgage positions on lots and acreage. Lot sizes range from approximately five acres to approximately forty acres with a few parcels of greater acreage. Title insurance policies are available with each mortgage deed. Each property is surveyed and platted by a registered land surveyor. Note Terms Notes are typically written for terms of 5, 7, 10 or 20 years (60, 84, 120, or 240 months). A condition of each mortgage deed requires that no property can be resold by the consumer without repayment of the mortgage loan. This is known as an acceleration or a due on-sale clause and insures that the investor is paid back their full investment before any transfer of title can take place. The original principal balances of the majority of the loans offered ranged from approximately $30,000.00 to $55,000.00. Many larger notes are often available. Smaller investments can be made by the purchase of a partial interest in a note. And, i
