You sold land and carried the financing. Now you have a promissory note, a buyer who pays every month, and years left to go. Maybe you want the cash now. Maybe you just want to know what it is worth. Either way, you are in the right place.
Most people who own one of these do not call it a "land note." They call it their promissory note, their mortgage note, or the note from when they sold the property. It is all the same paper to us.
Can I sell my promissory note?
Yes. If it is secured by vacant land, we buy it for cash.
A promissory note is a written promise to pay. When a buyer's note is backed by a recorded mortgage or deed of trust on land, it can be sold to a note buyer like us for a lump sum. You get cash at closing, and the buyer's payments come to us from then on. For notes that meet our criteria, we pay 80% to 90% of the balance.
Want a cash offer on your note?
Send the note terms and payment history. Written offer within 24 hours, cash at closing in about 7 days.
Get a Free QuoteSubmit Your NoteIs a promissory note the same as a mortgage note?
In everyday talk, yes. Both mean the buyer's IOU that is backed by the property.
Technically, the promissory note is the promise to pay, and the mortgage or deed of trust is the separate document that ties that promise to the land. People call the pair a mortgage note, a promissory note, an owner financed note, a seller carryback note, or a land note. If you sold land and the buyer pays you, you have one of these.
| What you call it | What it is | Do we buy it? |
|---|---|---|
| Promissory note | The buyer's signed promise to pay you | Yes, with a recorded mortgage or deed of trust |
| Mortgage note | Everyday name for a note backed by a mortgage | Yes, on vacant land |
| Owner financed note | The note from an owner financed sale | Yes |
| Seller carryback note | The note a seller "carries back" at closing | Yes |
| Land contract / contract for deed | Seller keeps title until paid off | No |
More on the difference in promissory note vs land contract.
How much is my promissory note worth?
Usually 80% to 90% of the unpaid balance for a note that meets our criteria.
The price depends on the balance, interest rate, time left, how much the buyer put down, the buyer's payment history, and the land itself. A note with a big down payment and a clean payment record is worth the most. For a quick number, use the note value calculator or grade your note.
Rule of thumb: the bigger the buyer's down payment, the more your note is worth.
What promissory notes do you buy?
Notes secured by vacant land, performing or not, with no seasoning.
We buy notes secured by a deed of trust or mortgage on vacant land, with a balance of $25,000 or more, on land worth $50,000 or more with legal access and no major wetlands or flood zone, and not in CA, HI, LA, MD, NJ, NY, or PA. The buyer does not need to have made a year of payments first. We buy brand new notes, including at the same closing as your sale through our sell at closing program.
- Performing and non performing notes
- Whole notes or part of the payments
- Notes you inherited
We do not buy land contracts. We explain why in can I sell my land contract.
What if my note is on a house, not land?
We do not buy single notes on houses, but we can lend against a group of notes.
Our note purchases are land only. If you hold two or more notes on any property type, including houses and mobile homes with land, you can borrow against them and keep the payments. See borrow against your notes.
How do I sell my promissory note?
Send the terms, get a written offer in 24 hours, close in about 7 days.
- Send the note, the recorded mortgage or deed of trust, and the payment history through submit your note.
- We send a written offer within 24 hours.
- We order title, prepare the assignment, and close through a title company.
- You get paid at closing. The buyer is told to pay us from then on.
Step by step in how a note sale closes.
Frequently Asked Questions
Can I sell my promissory note?
Yes. If the note is secured by a mortgage or deed of trust on vacant land, Damen Capital buys it for cash, usually 80% to 90% of the balance for notes that meet our criteria.
Is a promissory note the same as a mortgage note?
In everyday use, yes. The promissory note is the promise to pay, and the mortgage or deed of trust ties it to the property. People call the pair a mortgage note.
Do you buy owner financed notes?
Yes. An owner financed note, seller carryback note, or land note secured by vacant land is the same thing to us, and we buy them performing or not.
Do you buy promissory notes on houses?
We do not buy single notes on houses. If you hold two or more notes on any property type, we can lend against them through note hypothecation.
How fast can I sell my promissory note?
We send a written offer within 24 hours and close in about 7 days through a title company.