I think the issue is diversification. Carrying the note for a buyer can be a decent idea for a developer who owns 100 properties, but probably not if the loan represents 50% of your assets. Calculations like "risk adjusted return" start to fall apart when you get out of continuous statistics and into single-event probabilities ...
Jack Boggle and others have stated you’re not getting above 5 percent risk adjusted returns in the public markets over the next decade at least. You can realize 7-10% returns making a note seller financing. I would assume we’re already of the understanding a last ditch effort is necessary to obtain necessary returns.
