News
Recession Proof?
August 11, 2009
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| If you’re looking for a recession-proof business, why not try Red Sox Kleenex supplier, or perhaps loan sale advisory? We recently dropped by Mission Capital Advisors’ 584 Broadway office, where principal David Tobin tells us that the past 24 months have been the firm’s busiest. There are plenty of distressed sellers who need to clean up their messes; the firm’s been advising a Chapter 7 trustee on the liquidation of a mortgage portfolio from a fraudulent hedge fund, advising many banks with land and condo loans, and helping special servicers of CMBS maximize recovery of defaulted loans. |
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| Work’s been especially hot in commercial real estate, gov't, and single family loan portfolios as banks come to grips with the market. As Mission Capital juggles the turbulence, it’s also seeing in-house growth. The staff of 25 is quadrupling its office size to 8.4k SF in TriBeCa, and continuing its national expansion (beyond offices in Austin and Palm Beach Gardens, a new one's opening in SoCal). With a new website, new high-octane internet loan trading system, public sector contracts, and an expanding client base, it’s springboarding into a more diversified company, David notes. |
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| Run, don't walk to your nearest loan advisor. David’s always up for a challenge, and he's now a beginner triathlete. He recently finished a sprint triathlon in Montauk, which included a half-mile swim, 14-mile bike race, and three-mile run, placing 240 out of 476. (Here, he’s seen running with his son.) His takeaway? Life is not a marathon, it’s a series of sprints. |
