Bank of America Special Assets and The LMC Group

BOA Special Asset Sold in 30 days
BOA Special Asset Sold in 30 Days

The LMC Group announced today the collaboration with the Special Assets regional division of Bank of America in an effort to provide an outlet for some of its special assets  inventory.  BOA is in the process of identifying certain properties in their REO portfolio for liquidation and The LMC Group has a heavy presence in the area of revitalizing broken projects and asset portfolios.  LMC Group’s commercial consultants, Dennis Musser and PJ Doherty, after having numerous discussions with BOA’s special assets division, determined the feasibility of providing long and short-term solutions for the banks REO and pre REO departments.  “Bank of America unfortunately has properties in our area that are sitting out there depreciating and not showing any signs of movement.  They have a tendency to need some TLC and management along the way to disposal.  We are very active in today’s market, and LMC is here to provide solutions to matters of real estate hiccups”, stated Mr. Doherty.  “For example, they had a commercial property on one our barrier islands that had been taken back in default, had seen no activity and was beginning to deteriorate.  We took this property, analyzed exactly what the market would bear, recommended a suitable price that they could expect to realize in today’s market, compared this to the valuation on the lenders books, coordinated and agreed upon a good number and went to work on this.  In less than 2 weeks, we had a full price contract on it and closed it out all within 30 days.”  Real Estate in this area has seen periods of no activity since the financial meltdown and certain areas are hit harder than others.  Mr. Musser states: “It is a win win for everyone involved.  The property now can generate income for its new owners, the city and county benefits from its revenue in taxes collected, and the bank has one less headache on its books.”

The LMC Group continues to provide support to its business leaders, local municipalities, individuals, and lenders with their real estate worries.  LMC is a real estate solutions company that specializes in workouts for individuals, companies, corporations, developers (commercial and residential), and lenders.  You can google The LMC Group and find past projects completed on the web.  Currently, LMC is actively involved with numerous workouts from Morehead City to Myrtle Beach, SC.  For more information, please inquire on the website: www.lmcrealestate.com or call 910-383-1540

Asset Sale Completion in Under 30 days
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