Role: Bank Executive

Client: Managing Director of Special Assets Group

Business Description: SFR Development (Macomb County, Michigan)

  • 46+ Acre Site Condo
  • 101 Developed Lots

Critical Issues:

  • Defaulted $4,255,000 development loan
  • Occurred during 2088-2010 housing crisis
  • Abandoned, overgrown development
  • Broken condo issues
  • Located near foot of SANG runway
  • Project had failed twice before
  • Cleaned up entire development

Resolution:

  • Landscaped entire development
  • Cured local and State regulatory issues
  • Met with early homeowners to resolve many issues
  • Developed DEQ mitigation plan
  • Hired Realtor Broker to sell lots
  • Hired builder to build several spec homes
  • Both project & homes showed very well
  • Immediately began selling homes then lots
  • All lots sold and most sites built

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