What Happened To FCI Exchange?
FCI Exchange was the largest and most well-known platform for note buyers and sellers. They had a long track record in the industry and provides a lot of information on the various notes before the investors could put in a formal offer. This platform was great for market research and find out what comparable notes are selling for in a selected target area.
What happened to FCI Exchange is that they have closed operations in late 2018, introducing a Site Closing Notice, thus leaving the note buying, due diligence service, and market research to suitable alternatives such as Paperstac and BankProspector.
- No membership or registration fees
- 1% Listing Fee
- Special Due Services
- Lots of information about the notes for sale without having to sign up
It was one of the best resources for notes until it closed operations and the site was up until early 2019.
Many investors were using FCI exchange for performing seconds, even when they are one the highest risk spaces in the note buying industry. Investing in NPN seconds requires much greater knowledge than investing in performing notes, NPN firsts, or originating loans.
With FCI exchange or with any other company, buying notes can get the investor into trouble. In most instances, they did not perform proper due diligence and or know the laws. By the time they seek assistance, it is far too late.
Investors who act here without diligence, buy notes which have a burden of taxes and fines on it, that they were not aware of, as they never ran a title report.
Having no experience and starting out with 2nds because they are cheap, is like randomly buying penny stocks without knowing the market, or investing without knowing which stocks are you buying and how they behave.
Then, in 2019, we had thenoteadvisors.com until it disappeared. It was a similar site, unrelated with FCI Exchange
They had a message in their original website:
“Site Closing Notice” – FCI Exchange has had a wonderful 8-year run, and we wish to thank all of our platform users.
FCI Note Exchange
FCI Exchange moved to FCI Note Exchange until the site finally closed after presenting a Site Closing Notice and 8 years of activity.
Websites Like FCI Exchange
Websites like FCI Exchange are now Papestac and bankprospector. They are suitable resources for notes, selling a performing 2nd mortgage, or a non-performing one, handling the entire business process.