Bayview First Funding, a subsidiary of Bayview Financial, will no longer be accepting new submissions for seller financed mortgage purchases through its Texas based note buying division, effective Friday August 1, 2008.
Formerly known as Interbay Funding, this company was introduced to the note buying community in 2001. With competitive pricing and access to securitization funds, Bayview quickly became a preferred national institutional note buyer for full private mortgage purchases.
Unfortunately, the seller financed private mortgage business has not been immune to the effects of the credit crunch resulting from the sub prime mortgage crisis. We are seeing a move towards private investors, portfolio lenders, and pension funds. These types of companies tend to hold their notes for long-term interest income rather than relying on a quick resale to the secondary securitization markets.