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“A True Problem Solver [an Angel] for REO Properties”
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Added: 01/12/2004
Type: Summary
Viewed: 811 time(s)
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“A True Problem Solver [an Angel] for REO Properties”
Angel Brothers, LLC, a specialty real estate investment company, debuted
their services on August 1, 2001. Exclusively focused on what is known as
the Real Estate Owned (“REO”) market (defaulted properties not sold at the
public auction to an investor that the lender gets back). Angel Brothers
buys the commonly vacant real estate through the lenders REO servicing
departments [or their REO Broker Agent] that have foreclosed on the
defaulting mortgagor (borrower). They then use their repeatable improvement
methodology and experience to make the necessary marketable changes to add
value to the real property. Following the improvement project, Angel
Brothers sells or leases the property at a profit.
According to the National Delinquency Survey, published by the Mortgage
Bankers Association of America, about 5% of the more than 18 million
recorded residential mortgages are in default. This means that
approximately one in every 20 properties is a delinquent mortgage and are
in foreclosure. Many of these properties will become a lenders REO
liability.
Michael Rigert, President of Angel Brothers, LLC. states that,
Foreclosures affect not only property owners but lenders as well. Lenders,
including banks, savings and loans, credit unions and mortgage companies
endure significant costs in terms of time money and human resources.
Lenders rarely recover enough funds from the sale of the properties to
offset their expenses. That’s where we come in. If we can work with a
lender to take ownership of that foreclosed property, they experience
higher turnover on their owned (foreclosed) properties and in turn improve
their own balance sheets”.
Today, Angel investing is a more common term used in technology venture
capital transactions and investments. The approach has been around the
private business world for decades. Angel investors have saved many
promising companies from potential bankruptcy by providing last minute
quick cash placements in exchange for ownership rights
“We have seen Angel investing work in business investments. Why not apply
the whole concept to the foreclosed mortgage market,” stated Rigert.
“Angel Brothers LLC was developed with the Lender in mind and serves a
great need in this marketplace. We see properties all the time and the
lender or their REO broker often say’s, ‘That looks like a property for
Angel Brothers’,” states, Paul Rigert, vice president of operations for
Angel Brothers. Paul has been a Chicago builder for sixteen years and he
knows the difference between a structural and cosmetic improvement
projects. “Lenders aren’t in the improvement business. We are! We both
need each other to succeed. Mortgage defaults are surely the uglier side
of a lender’s business”, states Paul.
Angel Brothers not only works with lenders and their REO brokers. They do
provide tremendous value to future buyers as well. After the improvements
are made, a buyer is presented with a higher value property that is ready
to use and enjoy without having to make the improvements that are
associated with buying an often-distressed ‘AS IS’ property. Carpets are
replaced, interiors are painted, necessary repairs are done, and all with
the Angel Brothers touch.
Angel Brothers, LLC works closely with lenders holding properties in the
Western counties of Chicago, IL, including DuPage, Will and Kane. They can
be reached at 630-922-1397, via email: paul@angelbrothers.net. Or their
website http://angelbrothers.net.
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