Loan Sale Success

August 11, 2009

Source: Bisnow

Loan Sale Success


Augusr I I , 2009


Recession Proof?

you're looking for a recessionproofbusiness, why not try Red x K leenex supplier, or perhaps loan sale advisory? We recently opped by Mission Capital Advisors' 584 Broadway office, where principal David Tobin tells us that the past 24 months have been the firm's busiest. There are plenty of distressed sellers who need tO clean up their messes; the firm's been advisi ng a Chapter 7 trustee on the liquidation of a mortgage portfolio from a fraudu­ lent hedge fund, advising many banks with land and condo loans, and hel ping special servicers of CMBS maximize recovery of

defaulted loans.

Work's been especially hot in commercia l real estate, government, and single family loan portfolios as banks come to grips with the market. As Mission Capital juggles the turbulence, it's also seeing

inhouse growth. The staff of 25 is quadrupling its office size to

8.4k SF in TriBeCa, and continuing i ts national expansion (beyond offices in Austin and Palm Beach Gardens, a new one's opening in SoCal). Wi th a new websi te, new high-octane internet loan trading system, publ ic sector contracts, and an expanding cl ient base, it's springboarding i nto a more diversified company, David notes.

Run, don't wal k to your nearest loan advisor. David's a lways up for a challenge, and he's now a beginner triathlete. He recently finished a spr i nt triathlon in Montauk, which included a half-mi le sw i m, 1 4-mile bike race, and three-mi le run, placing 240 out of

476. (Here, he's seen runn i ng with his son .) His takeaway? Life is not a marathon, it's a series of sprints.



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