LMC Group Continues to assist in regional growth for Business Expansion and Job Creation

Based out of Hickory, North Carolina, NorthStar Financial Group began seeking a presence in the Wilmington area back in April of 2011.  CEO Phillip Clark was traveling back and forth exploring the area and meeting with key clients that saw the Wilmington area as part of a possible expansion; and these key clients recommended that NorthStar begin to make a move into the area.    Phillip met with several local business owners and sought out to find a firm that was well rooted in the area and had a good grasp of what businesses were flourishing in today’s market arena.  Talks began with members of The LMC Group regarding projects and special assets that may be coming online that NorthStar could possibly help with.  Soon afterwards, NorthStar hired LMC to begin a site search for location of new office space to house a branch within the confines of the Landfall area.

After previewing and touring several properties CEO Phillip Clark and Operations VP Pam Stanley decided the location at Progress Point not only met the target market demographics but also fell within the economic parameters that the Financial Services company sought.  The new office allows for some future expansion while fitting the companies immediate needs in opening a regional office catering to Southeast North Carolina.

NorthStar plans to open the new office doors in October.  LMC representative PJ Doherty states, “we are looking forward to working with NorthStar, and certainly feel they can be a valuable contributor to our economic turnaround”.

Dogwood Lakes Update on Homesales

Dogwood Lakes in Surf City NC continues it’s success with new home buyers.  The community is very vibrant and active as you can see in this video.  Dogwood Lakes was a stalled community at the beginning of the meltdown of the real estate market in 2007.  The LMC Group pioneered this resurgence in 2010 with debt restructure and private investment.  As of this week, there are 77 new families actively enjoying the community.  We were told that in the last 18 days, 8 new home sales have transpired with much more interest in process.  The LMC Group continues to strive to put working America back to work in resurging projects like Dogwood Lakes.

Thanks to Stevens Fine Homes for producing this video for us.  Enjoy!

Foreclosed Property Updates

 LMC Group Foreclosure Photo

As the federal government has doggedly worked through concerns about foreclosure documentation practices, federal financial agencies have aggressively resumed their sale of foreclosed properties.

Through the first half of the year, the FDIC has sold $1.073 billion in foreclosed properties. This compares to $974.7 million in the first half of last year and
$482.2 million in the first half of 2009. More importantly, the amount of commercial real estate being sold by the FDIC has jumped more than 12 times in that time frame. Just
$39.8 million of FDIC property sales in 2009 consisted of commercial and multifamily properties. This year, more than half of the sales ($540.3 million) have been commercial real estate. In addition, land sales have increased from $86.1 million in 2009 to $310.6 million this year. Also, as commercial sales have been increasing, the number of single-family residential sales being handled by the FDIC is falling from $307.7 million in 2009 to $219 million this year.

While there has been some anxiety in the marketplace over the potential impact that a surge of distressed CRE properties coming into the marketplace may do to sales values, CoStar Group senior real estate strategist Chris Macke says there is an upside to the trend.  “The increased disposition activity is good for the industry,” Macke said. “The sooner we clear troubled assets the sooner the market will return to normal.” However, Macke warned, “with funds available to deal with troubled assets depleted and no appetite from Congress to provide additional funds, regulatory agencies do have limits on how quickly they can clear out all the troubled transactions there are to deal with.”

The nation’s government-sponsored enterprises are also increasing their REO property sales. Through the first three months of the year, Fannie Mae sold 37 multifamily properties on which it had foreclosed compared to 13 in the same period last year. At the same time, the number of multifamily properties it has picked up has remained fairly consistent, 50 in the first quarter of this year and 47 a year ago.  Overall, Fannie Mae sold 62,814 properties in the first three months of this year vs. 38,095 in the same period a year earlier. Those sales have produced proceeds of $11 billion in the first quarter of this year compared to $7.7 billion the year-ago period.

Through the first three months of the year, Freddie Mac has sold 31,628 properties vs. 21,969 in the same period a year earlier. Freddie Mac did not break out its multifamily property dispositions separately but it was holding only 15 multifamily repossessed apartment properties on its books as of March 31.  According to the Dept. of Housing & Urban Development, the Federal Housing Administration (FHA) acquired 7,667 REO properties in June and sold a record 13,609 properties (breaking the record of 12,671 properties sold in May).

The FHA REO inventory has declined from 69,958 at the end of the first quarter to 54,645 at the end of June.

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

LMC Group Continues Growth – J. Michael Hutson Joins Team

 J Michael Hutson

J. Michael Hutson

Business and Commercial Specialist

 J. Michael Hutson grew up in Charleston, SC and has been working since age 13.  He is what is called “A DO’ER… He gets things DONE.  While growing up in Charleston, J Michael witnessed the explosion of a southern port into the thriving city and cultural historic place that Charleston is today.  Having left Charleston in his twenties, he landed in Philadelphia and while working in a Steel Mill, his fascination of business inspired him to look into the restaurant business learning everything he could absorb during his time in the Philly area. In 1979, a little weary of the cold and snow, J. Michael began to look into locations for setting up a business in the restaurant industry.  Wilmington North Carolina stood out because of the historic charm and similar characteristics of his hometown.  So in 1979, Wilmington saw the opening of J Michael’s Philly Deli, now one of Wilmington’s most successful family restaurants.  While shopping for additional store locations for the Philly Deli, J. Michael became highly educated in obtaining, building, leasing, and selling real estate.  He learned the construction industry from the ground up.  J. Michael obtained his real estate license in 1984 and over the years has really seen some changes good and bad.  “Hands on deck and all in” is J Michael’s approach to business and real estate.

In late 2010, J. Michael considered getting out of the real estate industry due to the hard cold fact that it was very difficult to witness his friends and business associates having such a hard time in the economy, knowing there was nothing he could do to help them even with all his expertise and years of dedication in the field.  However, in January 2011, a friend told him of a company that was having success at helping businesses and people with their real estate problems. “I finally saw a way that I could help others”, J. Michael states.  Talks began immediately with The LMC Group and right away a connection was made.

J. Michael has been involved with the Wilmington Historic Preservation movement and even been involved with several historic building renovations in the downtown area.  He is a member of the Wilmington Historic Association and is also very active with the Wilmington Domestic Violence Shelter, a non-profit organization dedicated to eliminating violence against women and their children and provides support services for victims/survivors of domestic violence.  J. Michael is married to beautiful wife, Rhonda, has 2 sons, 2 daughters, and has 2 grandchildren with a third on the way……….

The LMC Group Picks up CCIM Designee

The LMC Group is pleased to announce the addition of Patrick “PJ” Doherty to its team of Real Estate Consultants and Professionals.  CEO of The LMC Group Roy Holdford stated, “PJ and I have been talking for some time now.  He is extremely knowledgeable and very keen to what is going on in the real estate industry during this time of challenges.  What The LMC Group does is take existing or new projects, and work out financing solutions in order to put people in the real estate industry back to work, and to continue to accomplish that, we need extremely smart, well qualified experienced professionals to join our team as our successes continue.  PJ was a perfect fit and we are glad to have him on board.” Below is the exerpt from The LMC Website for Patrick “PJ” Doherty.

PJ Doherty CCIM
Patrick "PJ" Doherty

Patrick J. Doherty, CCIM  – Commercial Specialist, Modifications – Procurement

Patrick brings with him a multi-faceted approach to combine valuable experience in the areas of mortgage analysis and modification programs with respect to Commercial Properties and Sales.  His vast experience compliments The LMC Group in its endeavors to revitalize the real estate industry and put people back into a winning combination. Patrick is well experienced in crossing state lines in Commercial Property Deals and has been involved and consulted in the development of numerous multi-family projects in Las Vegas, Nevada  in addition to North Carolina.  In the past 36 months he has completed 38 commercial transactions and 28 residential investment transactions totaling over $20 million. He has a bachelor’s degree in Finance from the University of Dayton and post-graduate studies in Finance. He is a CCIM, a designation awarded by the CCIM institute ( A Certified Commercial Investment Member (CCIM)) is a recognized expert in the disciplines of commercial and investment real estate).  CCIM members must be proficient in the areas of investment analysis, market analysis, user decision analysis and financial analysis for commercial real estate.

Patrick has over 13 years of real estate and banking experience.  He contains a real estate license in the state of NV and is a duly licensed Broker in North Carolina. His commercial analysis utilizes his finance and banking experience and national marketing programs including CoStar, LoopNet, PropertyLine and CCIM-Mailbridge. He is a member of the Las Vegas CCIM chapter, Greater Las Vegas Association of Realtors, Greater Wilmington Association of Realtors, and Commercial Marketing Group (CMG). 

Call on PJ for any of your Commercial Real Estate questions. 910-297-9572

The LMC Group Can provide Full Documentation for Property Reports and Valuations

The LMC Group is a Real Estate Solutions Company.  You need something to happen, we have the ability to get it done.  Whether a Developer, Individual, or Financial Institution, we have the knowledge and know how to accomplish your goals.  You really should call us for a confidential chat, you’d be surprised at the avenues that are available to you.  Not everything is doom and gloom in the marketplace.  We can show you the way………. Call or email us today.

LMC Group

The LMC group

info@TheLMC.com

910-383-1540

LMC Group Success Continues – Analogy Football Style

Vince Lombardi

Once overgrown and weed filled communities following the credit collapse, both Dogwood Lakes and Saltwater Landing have sprung alive with New Home construction and home buyers are reaping the rewards of reduced costs for homes now.  Dogwood Lakes and Saltwater Landing are here, alive, and competitive.  34 homes have now been sold in these two developments with another 60 on the way.  Savvy Homes has just closed on 4 more lots and H&H Homes will begin its final takedown of the remaining lots they have allotted by the end of October.  There are several other parties circling the wagons, more details as they come in…….. We also have new communities in the works…….stand by and call us for those before they go public……

The local newspaper, The Wilmington Star News, just did an article on these projects and how successful they are in these economic times.  While focusing on the builders and buyers, it was not mentioned how these communities were able to accomplish these feats.  What exactly set the groundwork for this to happen?  How does a community overridden with debt suddenly revive itself?  How does a community or developer begin selling properties for a fraction of what they were selling for and still survive?  What things had to take place in order for this to happen?  I have not seen anyone win the lottery around here, have you?  What the Wilmington Star News forgot to report on was while it is terrific that this magically happened, it did not magically happen.  The LMC Group had been working with the sellers, developers, investors, banks, attorneys, accountants, the city and county governmental offices, and many others, to effectively bring these communities back from the brink.  I have spoken with the author of the Star News article, and I think he agrees there is a bigger story to tell for this area.  Stay tuned for more coming on that one………

Now since it is Football season, I want to use an analogy for everyone looking at this post: 

It’s the game of the century, a game of challenges in life and in your real estate financial world, all broken down into an analogy of a football game.  You are down for the count, beat up, battered, and bruised……… The score is Economy 14, Business 10, with 1 minute to go.  If you lose this game, it’s over.  You must score a touchdown to win, and a field goal means “almost” which means “great try but tough luck”.  It is fourth down and 99 yards to go for a touchdown.  It seems a daunting challenge since you only have 1 minute to get there.  You know you contain a great quarterback and running back, great receivers and a great defense.  However, one thing is overlooked……. The quarterback, running back, wide receivers, and defense are absolutely no good without the OFFENSIVE LINE.  If there are No Blockers, what happens?  The QB gets sacked, the running back is stuffed, there is no use for the receivers if the QB is on his butt, and the defense is not even on the field.  How are you planning on making it into that end zone for the win?  Everyone seems to forget the offensive line because there is no glory there…….. No spiking the ball, no celebration dances.  The crowd cheers for the QB to RB pass and the touchdown dance, everyone forgets how they got there with one exception………. the true champion QB’s, RB’s and Receivers,  they are the true ones that realize that they can’t get anywhere without that offensive line leading the way.  The offensive line has to lead and clear a path to the end zone….. Am I right here?  Think about it………. 

The LMC Group is your offensive line.  Without offense, and without someone leading the way, it is hard and sometimes impossible to score that last touchdown that may save your business and investments.   Without an offensive line, what good is defense?  In any game whether football, business, life, defenses can wear down.  The LMC Group is dedicated to securing and structuring out of the box solutions for today’s real estate problems.  Our successes continue to prove over and over that The LMC Group has what it takes to lead any land owner, bank, developer, and builder to solutions in today’s market.  If you are the Quarterback, if you are the Running Back, how is YOUR offensive line doing for you?  If you need some help or assistance with your real estate needs, we would love to talk.

How’d the game analogy end up?  The LMC Group was picked up in free agency……..

Economy 14, Business 17 , let’s move on to the next game……….

Saltwater Landing Resurgence – Another LMC Success Story

Surf City Real Estate
Photos
The LMC Group took on a Development known as Saltwater Landing in Surf City NC back in May of this year. Like most developments with the recession in full swing, it had stalled due to the tightening of the credit markets. Saltwater Landing is an extremely nice residential community that had not seen any activity in over a year. The owners asked The LMC Group to come in and analyse the development, financing struggles, the market demand, and aid them in the process to move forward in order to survive the recession. Contracts were inked with Saltwater Landing and The LMC Group May 15, 2010 for LMC to move into its program to generate funding and construction starts. On June 7th, 2010, The LMC Group put together a deal with a builder to purchase 20 lots by the end of October 2010 and to immediately begin construction on 6 homes. On July 16th, 10 lots closed with the remaining 10 by October. Permits have been pulled on six new homes and construction is under way. This has begun the recovery and resurgence of this community. Under The LMC Group’s programs, elevated interest in Saltwater Landing has begun. Stay tuned…………