Paperstac

Paperstac Inc. operates a fintech platform designed to modernize the trading of mortgage notes. The company was founded in 2015 by a team with deep roots in real estate and technology, including Rick Allen, Brett Burky, Mike McLin, and TJ Osterman, launching its online marketplace, Paperstac.com, in 2018. The founding team's journey began with a shared history and a recognition of the inefficiencies in the distressed asset market. CEO Rick Allen, an active real estate investor since 2005 with experience in over 400 house and 300 loan purchases, and Senior Advisor TJ Osterman initially attempted to build a platform called Investment Note Exchange, which proved unsuccessful. A chance encounter at a supermarket with college acquaintance Brett Burky, who has an extensive background in online marketing, led to a reboot of the concept with a more marketable name and a new founding team, which included CTO Mike McLin, a full-stack developer.

The company primarily serves the retail market for mortgage note investors, a group that ranges from individual private investors to larger financial institutions. It facilitates the buying and selling of performing, non-performing, and re-performing mortgage notes, land contracts, and contracts for deeds. The business model centers on transaction fees; both buyers and sellers pay a fee upon the successful closing of a deal on the platform. This fee covers a suite of services integral to the transaction, including FedEx shipments, audit reports, and online notary services, streamlining what was once a fragmented process.

Paperstac’s core product is its online marketplace and proprietary transaction engine, which digitizes the entire lifecycle of a mortgage note trade. This platform provides users with powerful search filters to find assets, secure communication channels with recorded and transcribed calls, and automated generation of legal documents like purchase and sale agreements. A key feature is the integrated closing process which includes escrow services, document auditing, eSignatures, and eNotarization, providing a secure and transparent environment for users who may have never done business together before. This digital Walled Garden, as the company refers to it, ensures all communication and documentation are centrally located and time-stamped, significantly increasing efficiency and trust in the marketplace. Recently, Paperstac launched a sister product, Noteclosings.com, which unbundles its closing technology, allowing parties who agreed to a deal outside the marketplace to use the platform's transaction management tools.

Keywords: mortgage note investing, note trading platform, real estate debt, fintech, online marketplace, distressed assets, performing notes, non-performing notes, passive income, loan trading, asset liquidation, secure transactions, digital closing, escrow services, note investors, seller financing, land contracts, investment property, Rick Allen, Brett Burky, real estate technology, note marketplace