Eastern Union Funding Reports Continued Rise in the Sale of Distressed Notes.NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Feb. 23 /PRNewswire/ -- As lending institutions continue to look to strengthen their liquidity, sales of distressed assets continue to rise, often at deep discounts. While in 2008 we saw an aggressive push by lenders to divest To deprive or take away.
Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. themselves of notes backed by non-income producing properties, including residential, land and development deals, there was hesitation to do the same on notes backed by income producing properties. This hesitation seems to be waning of recent.
In the last two months Eastern Union Funding has successfully negotiated the sale of 5 packages of commercial backed real estate notes originating from several banks. The average face value of each individual note ranged from $1MM to $10MM. "The broker played an important role in these transactions, said Shaya Ackerman, Managing Director in the NJ office. By utilizing our extensive database of clients that we have closed for the broker was able to identify a potential buyer. The broker worked with the lenders and buyers of the notes to determine the fair price the asset should demand and negotiated a successful closing."
Michael Muller, Managing Director in the NY office originated 4 out of the 5 packages sold and drew on the entire Eastern Union team working in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem"
tandem to identify the different buyers for the individual notes. Michael remarked "each transaction was unique, at times we where approached by the lender to sell the notes, while in other situations we where approached by buyers who where aware of a non-performing package and asked us to negotiate with the lenders on their behalf. Our strong relationship with the lenders allowed us to navigate the deals quickly and successfully."
Most of the loans sold were sold as is and the buyers of the notes will proceed with the foreclosure foreclosure
Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. process to eventually own the properties. In several situations Eastern was able to negotiate with the lender holding the note and the owner of the property to sign over the deed deed, in law, written document that is signed and delivered by which one person conveys land or other realty (see property) to another. A deed may assure the extent of the conveying party's ownership or, if the party is uncertain of the precise extent, he issues a for a small fee at closing. "This 3 pronged approach of involving the buyer, owner and bank, Ira Zlotowitz, President of Eastern Union said, is more tedious and time consuming, however it is the most fulfilling approach. By having the buyer take ownership at closing it allows the buyer to determine a fixed cost of the asset at closing and thus allows the lender to get a higher price. Every party walks out of the deal more satisfied." By either, helping negotiate existing debt or assisting investors in taking advantage of the opportunity of buying distressed assets, Eastern Union is assisting clients through these turbulent economic times.
Eastern Union has recently introduced a low flat fee service for commercial investors, grabbing the attention of the commercial real estate industry. As Eastern continues to expand its services and nationwide presence, they are looking to hire and grow their sales force exponentially ex·po·nen·tial
1. Of or relating to an exponent.
a. Containing, involving, or expressed as an exponent.
b. . Please visit us at thescoopjobs.com.
CONTACT: Toby Margulies 732-301-3907
CONTACT: Toby Margulies, +1-732-301-3907, for Eastern Union
Web Site: http://www.thescoopjobs.com/