Coastal REO Solutions is a lenders best weapon in the fight to effectively evaluate, secure, maintain, list and commodify their foreclosure properties. A recent transaction with Horry County State Bank (HCSB) involving the foreclosed Calypso Motel in Myrtle Beach, South Carolina provides an excellent example of the complex nature of commercial REO properties and our ability to manage these complexities on your behalf. Our agent’s keen understanding of the Grand Strand marketplace, combined with their ability to manage a property to its fullest potential, provides a stress free experience and a strong return on investment for our clients.

In this particular situation, we were able to negotiate a much higher than anticipated selling price for the property, and in fact, the foreclosed motel was sold for more than the original listing price. Our marketing effort included a targeted mailing strategy, extensive buyer databases, online media programs uniquely designed to reach prospective buyers via email, MLS listings, blogs, newsletters, and carefully selected website placements.

With our goal to provide a single point of contact and accountability for clients of distressed properties, we implemented a series of measures to secure, operate and maintain the property. An immediate visual inspection with an eye toward any situation that might be a potential safety hazard or local ordinance violation was completed, as well as an inventory of personal property and motel equipment. Next, we began the task of limiting liability for the customer by ensuring all assets were secure from intrusion, theft and damage. Within 48 hours CRS had all locks replaced with new ones and every existing tenant’s lease was converted to a lease that we structured to remove liability from HCSB. We coordinated all third-party billing of necessary repairs, maintenance services, staff and the motel’s utilities into the Coastal REO Solutions name to provide a solitary accounting payout for HCSB. We also established property rental management procedures and handled new rental customers to maximize the cash flow stream of the motel during the foreclosure process.

In essence, we became the new management of the site to ensure continued proper, legal and uninterrupted operation until a new buyer was located and ownership was transferred from our client to the new owner.

Here is Debbie Guyette’s (HCSB) take on it, “Today’s Market is perhaps the most challenging financial market many of us have ever faced. As a Commercial Banker and Manager for HCSB I whole heartedly welcomed the efforts of Coastal REO Solutions. Their thorough needs assessment analysis reassured me that I had made the right decision. Jason’s attention to detail, informative reports, responsiveness and marketing strategies for the Calypso gave me the piece of mind that I needed in order to focus my attention on developing new business for HCSB. Jason succeeded in increasing revenues by 33% With the increase in revenues Coastal REO Solutions was able to negotiate a higher sales price for the Bank.”

These examples are really only a portion of the all the services needed to facilitate the process of keeping a foreclosed commercial property in a viable position to operate, thrive and begin a new life as a healthy functioning entity. We realize that most lenders are simply not equipped to deal with these situations, and that’s why our single contact system is designed in this manner. Don’t let another day go by with a perfectly functional foreclosed commercial operation languishing on your balance sheet, when Coastal REO Solutions can have it adding to your bottom line with minimum effort from your institution.

Contact us today to find out more about our programs.