News
NEW NICHE
May 4, 2010
| Even recession has a silver lining. A lucrative specialty in today's market: selling bank-owned distressed assets. | |
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| In the first quarter, Jordan Co. principals Rob Jordan and David Walmsley repped banks and the FDIC on more than $15M worth of deals. Case in point: Jordan repped Security Real Estate Services, a wholly owned subsidiary of the FDIC, in the sale of Waterlace, a 600-acre partially developed subdivision, with 118 developed lots and 360 acres of raw land, as well as a partially completed club house.Southeast LandCo Acquisition Fund, an affiliate of Reynolds Capita l, purchased Waterlace for $5.3M. | |
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| This morning we snapped Mike Madden, Rob and David. The bank-owned asset deals have allowed Jordan to expand with hires like Mike, who joins from Sivica Communities. Rob tells us, ?There are three key factors that enable us to successfully broker real estate and loans on behalf of our clients: our relationships with buyers, our ability to complete the extensive research required to understand the true market value of each asset and position it for sale, and our knowledge of how the sales process works within healthy banks, banks operating under loss share agreements, and the FDIC.? |
