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WEICHERT, REALTORS FORMS METLAND PROPERTIES GROUP; COMPANY ASSISTS LENDING INSTITUTIONS WITH PROBLEM LOANS AND PROPERTIES

 WEICHERT, REALTORS FORMS METLAND PROPERTIES GROUP; COMPANY ASSISTS LENDING INSTITUTIONS WITH PROBLEM LOANS AND PROPERTIES
 MORRIS PLAINS, N.J., April 1 /PRNewswire/ -- Weichert, Realtors today announced it has formed Metland Properties Group, an affiliated management company which will specialize in assisting lending institutions with problem loans and distressed properties.
 Metland can assess, advise, manage, construct/develop, revitalize and market distressed properties.
 John G. Udell, an experienced real estate and property management professional, has been appointed president of Metland. Udell has developed and disposed of property valued in excess of $500 million throughout his 14-year career.
 "Metland can effectively manage distressed real estate loans and problem properties until an acceptable disposition can take place," Udell said. "Most importantly, Metland will provide this assistance while minimizing the risk and cost to the lending institution or financial service company."
 Udell continued, "It's important for banks and other lending institutions to recover their assets in a timely manner when a real estate-owned (REO) property or loan becomes a problem."
 Udell stated: "The other resources of Weichert, Realtors enhances Metland's ability to offer additional professional services in an uninterrupted manner. Continuity is valuable to an institution and saves thousands of dollars and countless hours."
 Metland Properties Group is an affiliated company of Weichert, Realtors, the nations's largest independent real estate company. Weichert maintains 185 residential sales offices in Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia and Washington, D.C.
 -0- 4/1/92
 /CONTACT: Denise Dickson Smith of Weichert, Realtors, 201-397-3545/ CO: Weichert, Realtors ST: New Jersey IN: FIN SU:


CK-TQ -- NY019 -- 3802 04/01/92 10:06 EST
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Publication:PR Newswire
Date:Apr 1, 1992
Words:266
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