Scattered Site REO Portfolio
With no local Chicago or Illinois presence, Bank of Hope began acquiring small banks throughout the area in 2014. As they uncovered the portfolios they realized they had a number of troubled properties that needed immediate attention. They awarded 33 the project given our broad geographic reach, our background in REO and Receivership and our ability to move swiftly to secure their assets.
Initially, 19 properties were awarded to 33 and the Bank elected to make 33 its exclusive provider awarding us 11 additional properties through 2021. The Bank has expanded its use of our services to include brokerage and construction. As the client targets new bank acquisitions, they utilize our teams to perform initial diligence and valuation work to ensure they understand the composition of the assets.