Special Assets and Notes Campaigns
When you are “connecting” to other sources of referral on LinkedIn and building lists of loan officers or similar, you will often connect with “Special Assets Officers” Special loan officers are those in charge of shedding assets the bank no longer approves of. Often, a business finds it is “out of formula” and this officer’s job is to find it a new home and if you build a relationship with that officer, the home may well be with you. A single officer at a mid-size bank can literally make your year.
Special Assets and Notes Campaigns
One of the most lucrative relationships you can strike up is to build a relationship with a bank’s or lender’s “Special Assets Officer”. From the business owner’s prospective, when your loan at a bank is sent to “special assets”, this is NOT because they think you are a great customer and you are special. It is because your loan does no longer meet the criterial for suitability for its loan portfolio. This can be because that loan was flagged in the latest audit by the FDIC auditors. It could be the bank is being absorbed by a larger bank that does not like that loan. In fact, there are dozens of reasons why the loan was sent to “special asset”. It makes no difference. The important characteristic is that the bank wants to shed itself of the loan and you may well be the source to help the bank loan officer out.
Purchasing Promissory Notes From Banks
Purchasing promissory notes is a very lucrative business and in fact, we touch on this in Factoring 404 and the Cash Flow / Note Training. Take a short moment to review this video.
In your Pipedrive CRM, make certain that you make note of and “tag” anyone that is a bank’s “Special Assets Officer”. Additionally, you can create a campaign to call mid-size community banks and ask to speak to the banks officer in charge of special assets. Introduce yourself and ask if the bank is currently interested in selling any loan paper. You will often find that the bank has defaulted paper or loans that are our of formula and are at risk.
DIP Deals
When talking to “special assets” loan officers, you have a very large card right up your sleeve. We have already touched on the ability of factors having the ability to finance businesses that are currently involved with a Chapter 11 Bankruptcy proceeding of DIP (Debtor-in-Possession). Your ability to assist the bank officer with this type of financing is unique and will go a long way to help you to build that relationship.
