Have a Note in Default?
We buy, restructure, and resolve problem notes so you can move forward.
How it works
From submission to resolution, we keep it straightforward.
Step 1
Submit details
Tell us about the note and the default situation. The more context, the faster we can evaluate.
Step 2
We evaluate
Our team reviews the note, property, and documentation to understand the full picture.
Step 3
We propose
You receive a clear proposal with our recommended approach, timeline, and terms.
Step 4
Resolution
We close the deal and handle the workout. You move forward with certainty.
What we do
Every note situation is different. We don't force a one-size-fits-all approach. Here are the four paths we typically take.
Buy outright
We purchase your note at a fair price. Cash in hand, clean break. No contingencies, no delays.
Restructure
We work with the borrower to modify terms and get them performing again. You keep partial interest.
Exchange
Trade your troubled note for a performing asset in our portfolio. Problem out, income in.
Joint venture
We partner on the resolution. Shared risk, shared upside. Best for complex situations with high potential.
Common questions
Everything you need to know about working with us.
Our Team
Victor Wagner, CPA
Tax Strategy & Compliance
Victor earned his MBA from Baylor University and has been investing in real estate since 1982. His career spans public accounting, real estate ownership, finance, and development. He's a CPA, licensed real estate broker, former mortgage insurance underwriter for banks, licensed mortgage broker, and active mortgage note investor with over $25 million in note originations.
Victor provides note valuations for private investors, including those holding notes inside Self-Directed IRAs. He spent 14 years as a Senior Revenue Agent in the IRS's Large Business & International division. At First Note Capital, he oversees tax strategy and loan structuring to make sure every transaction holds up as a proper debt instrument.
He's also a die-hard Buffalo Bills fan. We don't hold that against him. With over 40 years in real estate, Victor stays active in local exchange groups and REIAs, where he teaches classes on tax strategy and investment structures for note holders and real estate investors.
Alejandro Duque
Strategy & Operations
Alejandro is a University of Florida graduate, licensed real estate broker, and real estate investor. He spent seven years as a Financial Analyst at Google, supporting the ads business and YouTube's content acquisition team, before leaving to focus on real estate full time. He founded a commercial real estate firm focused on value-add multifamily and small bay industrial development in Virginia.
At First Note Capital, Alejandro handles operations and built the company's technology platform, including the website, underwriting engine, and loan management system. His experience structuring real estate transactions led him to private note lending, where he saw an opportunity to serve note holders being undervalued by traditional buyers.
Originally from Colombia and raised in Miami, he also manages a nonprofit school in Colombia that serves 30 children with a daily lunch program feeding over 100 community members.
Claudia Euler
Client Relations
Claudia is the first point of contact for every note holder who reaches out to First Note Capital. She manages client communications, coordinates the proposal process, and makes sure every borrower feels informed and supported from the first conversation through closing. Since launch, she has handled over 100 client interactions across email and document coordination.
With a focus on responsiveness and clarity, Claudia keeps the process moving so nothing falls through the cracks. Whether it's answering questions about your proposal, coordinating document collection, or keeping you updated on next steps, she's on it. Most clients hear back within one business day.
When she's not responding to clients, she's probably organizing something. Her team has learned not to leave their inboxes unattended for too long.
More Than a Lender
We're active real estate counselors and exchangors. Our goal is to build long-term relationships with our clients, not just close a transaction. Even if you're sitting on a non-performing note and aren't sure what to do with it, reach out. We may be able to help, or at the very least point you in the right direction.