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Oceancrest was selected by a community bank to asset manage one of their largest real estate loans from the foreclosure through disposition of the asset. The collateral was a gated community comprised of 100+ single-family lots (primarily summer homes valued at $450K-$1MM), a multi-million dollar clubhouse and recreational center, FF&E and twelve partially completed single-family homes.
Oceancrest performed an extensive site inspection, including property tours, financial auditing and staff interviews. During which, a multitude of operational inefficiencies and financial issues plaguing the property were discovered. Further complecating this foreclosure was the un-amicable nature of the relationship between the once partnered developer and builder of the project.
The single most imposing issue that Oceancrest brought to light involved the clubhouse parking lot and entrance to the community. After reviewing site plans, we discovered that the lots upon which the parking lot and portion of the entrance had been constructed were solely owned by the builder. But only days before the foreclosure, this builder transferred the subject lots' ownership to an entity that was not affiliated with the developer and not encumbered by the community bank loan, leaving the clubhouse with only a partial parking lot and entrance.
Oceancrest immediately stepped in to oversee all day-to-day operational and financial aspects of the project, including making necessary staffing changes and resolving the aforementioned development issues.
All cash flow was scrutinized and managed by on-site Oceancrest team members, while never losing focus of the bank's best interest, and continuously working to build a rapport with the home owners, the HOA, as well as all interested and potential buyers of the development.
Oceancrest regained the home owners' confidence via strict enforecement of the policies and bylaws that governed the community and through informational letters, meeting, and on-site presence.