If you’re in IL (especially Chicago), when it comes to unsecured promissory notes, there are two things to keep in mind: Its current value and its future value.
If you are considering selling an unsecured promissory note in Chicago, the first thing you need to do is determine its current value or market value (that is: the value it will can be sold for “in the market”).
The process is pretty straightforward. Start by doing some online research to find a few companies that regularly purchase unsecured promissory notes and reach out them Each company will likely have a slightly different process so be sure to take notes and ask them the best price they would pay for the note.
Speak with a few investment counselors about what the current and potential future value of your unsecured promissory note is and what factors could affect its value – such as whether the interest rate is likely to go up, go down, or stay the same.
Calculating the value of your note
When you contact a local IL investment professional, there are a number of things that will be considered about your unsecured promissory note.
One of the first things they’ll consider is the type of debt it is.
For example, unsecured debt can include things such as credit cards, student loans, medical bills, rent expenses, and any other type of debt that isn’t backed by assets like real estate or other property.
If the debt isn’t collateralized against a specific asset then the risk of carrying that debt is considerably higher than a secured loan. When you are increasing the risk of any investment you will find that the overall value of that investment will significantly decrease as the risk increases.
Unsecured notes are inherently riskier than notes secured by real estate and therefore the formula for determining their value is different. However, this doesn’t mean that these types of notes have no value because there are still buyers that purchase unsecured promissory notes. They are typically different entities that set up with processes in place to find to borrowers who haven’t paid their notes such as collection agencies.
Selling an unsecured promissory note in Chicago
Before you sell your unsecured promissory note to just anyone, it’s a good idea to check with a number of different potential IL note buyers. Not all collection agencies and investors will give you the same deal. Some will pay you a higher percentage for your unsecured promissory note in Chicago than others.
You may even be able to bundle several unsecured promissory notes together to get the best possible deal. See if the company you are dealing with will pay you a higher rate for a larger bundle of unsecured debt.
It’s worthwhile to pay close attention to the terms given to you by the buyer of your unsecured promissory note. Before you sign on the dotted line, make sure you understand all of your obligations and exactly what you get in return for selling your unsecured promissory note. Here at Blue Ladder Development we have a policy for full transparency and are glad to walk you through every aspect of the process, or method of deciding the current value of the note, and to answer any questions you have.
If you’d like to get a free offer on your note, contact Blue Ladder Development today at 630-387-6861.
Selling an unsecured promissory note in Chicago has never been easier!
If you are interested in learning more your options for selling your unsecured promissory note in Chicago, call us at 630-387-6861 or click here to visit our website so you can learn more about your options.