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Builders Compete with REO Sales.(Managing REO)
Byline: Jennifer Harmon
Centennial, CO-Granite Loan Management, a full-service construction risk mitigation company here, is focusing more on workouts and helping banks with workout construction.
"A lot of it is portfolios that are trying to be sold or when the FDIC takes over a bank, sometimes there is a construction portfolio that they want to sell. The people buying it need help," said Bill Cobb, president of the company. "Or an existing bank gets a project that becomes a potential REO during construction and they need help working that out."
Granite is also busy concentrating its efforts on gathering commercial market share.
"There was never the boom in commercial that you had in residential. It's only down 9%, 15% or so," Mr. Cobb said.
"All our competitors are really hurting. So, we are trying to gather market share. We're trying to basically get some business from any or all of the survivors whether its through project reviews or inspections. We're really focusing on the projects that are remaining and trying to get ensconced in there, so when it does recover, we recover with every program."
More of the construction lending programs disappeared than are remaining. Whether they are national or regional, there are probably less than 10 programs in existence now, he added.
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Source: HighBeam Research, Builders Compete with REO Sales.(Managing REO)