Terranova Expands Executive Team with Seasoned Real Estate Developer

""The Terranova Group"":http://www.tnovagroup.com, a Greenville, South Carolina, third-party provider of specialized asset management and disposition services to financial institutions, recently hired Richard Parvey to join its executive team as director of land development.

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A 20-year industry veteran, Parvey brings a wealth of land acquisition and development experience to the company.

""We realize that residential foreclosures aren't the only distressed assets facing banks,"" said CEO of the Terranova Group, Rob Haney. ""Banks are also challenged with disposing of vacant developments in one of the most challenging real estate markets we've faced. It takes a certain skill set to stabilize, maintain, and ultimately dispose of these developments in an efficient manner that also brings value to the bank. Richard has years of success in this area, and we are looking forward to the value he'll bring to our clients.""

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Parvey began his career as a developer with the new urbanist development, Seaside, and eventually founded his own development company, the Parvey Companies.

In his new role with the Terranova Group, Parvey is responsible for cultivating relationships with prospective clients in surrogate developer activities, as well as client portfolio analysis and direct acquisition.

""I am looking forward to joining the Terranova team,"" Parvey said. ""This is a great opportunity to fill a void in the REO space by helping financial institutions move bank-owned developments off their books. We are offering banks much more than just routine maintenance but rather a surrogate developer of sorts, providing a hands-on, high-touch approach.""

The Terranova Group focuses on residential building lots, residential improved properties, residential partially completed properties, and partially completed acquisition, development, and construction loans. The company's services are designed to facilitate professional management and timely disposition of REO and non-performing assets.

""The addition of Richard brings an increased level of focus to the acquisition side of the Terranova disposition strategy,"" Haney added. ""His position will address a very specific and timely need industry-wide in solving the growing number of distressed assets, further enabling our services to extend from non-performing loans through foreclosure and into REO.""