Promissory notes exist for almost anything out there that can be bought and require a loan. When a loan is made, a promissory note is created. These notes can then, in turn, be sold. Thousands of notes are sold every year. Who buys these notes? What should one look for when selling their note?
A promissory note is basically a document which states the borrower has promised to pay money on what is owed (loaned) on the item. This can include all types of real estate: houses, mobile home, multi-family homes, land, commercial, and so on.
Banks hold the majority of mortgage notes but it is possible for individuals and companies to also buy and hold notes.
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