Does anyone know if a promissory note can be purchased in exchanged for cash?

Hi everyone,

I was referred here from personal finance.

I was wondering – my parents have a promissory note on a property they sold a few years ago, and they receive a monthly payment from the buyer. There is interest on the promissory note as well.

Because my parents need money right now, they would like to convert the promissory note into cash (it's a couple of hundred grand). The buyers declined even with a discount, and so my parents are looking for a bank who will buy the note early and my parents would pay a discount to get cash now instead of in payments over 10 years.

Does anyone know of any major banks that purchase promissory notes?


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