With the onslaught of distressed loans and foreclosed properties nationwide, many small to medium sized banks are forced to add to the responsibilities of their loan officers to include those of a Special Assets Department (SAD) officer and, in the case of foreclosure, the role of an Other Real Estate Owned (OREO) officer.
Cranewoods has the consulting experience to ease that transition and the skills to aid the processes involved so key bank personnel are not bogged down by their new responsibilities.
Whether the loan is distressed or the property has already been foreclosed, the goals are typically the same:
- Protect the asset so it retains existing value in a troubled market.
- Prepare and market the property to attain the highest possible sale price or income stream.
- Resolve any loan issues with a minimum of impact to lender capital and financials.
With an extensive background in construction management, real estate development and project accounting, Cranewoods knowledge and experience can be your SAD and OREO department resource and assist them with their new responsibilities.
Cranewoods has the capabilities to provide a shopping list of services from basic consulting and project assessment to turn-key management of virtually any size project.