Client: Managing Director of Special Assets Group
Role: Bank Executive
Business Description: SFR Construction (Southeastern, Michigan)
- Dozens of uncompleted residential homes
- During 2008 recession many home builders ran out of money and were unable to complete or hold their houses until they could sell them
- Almost all homes had to be sold for amounts far less than their cost
- Most of these construction loans were defaulted by the builder/borrowers
- Complete all homes with nice finishes
- Install attractive landscape to create curb-appeal
- Advertised and marketed homes with select strategic Realtors
- Priced homes at then current sale prices of sold homes
- The homes sold fast and in some cases with multiple bidders. Short holding periods were critical to the Bank.
- Most of the Bank’s investment was recovered.
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