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FDIC Contracts New Firm for Real Estate Services

The FDIC has certified Next Wave Advisors Inc. to assist the agency with a variety of real estate services, including lender workouts, asset valuation, and disposition of property acquired through bank takeovers and liquidations.
Next Wave is a joint venture between two Southern California companies, ""Third Wave Partners"":http://www.thirdwavepartners.net and ""The Moote Group"":http://www.moote.com, and Houston-based ""Portfolio Property Advisors L.L.C."":http://www.portfolioprop.com The new firm was created to fulfill FDIC assignments related to problem banks and the recapitalization of acquired assets.
The FDIC has already stepped in to close 36 banks this year, and has placed 305 institutions on its high-risk watch list. But Next Wave president Dean Lyons says the new venture has ""the bench strength and financial resources to handle anything that the FDIC can throw"" its way.
Lawrence Brewster, chairman of Portfolio Property Advisors, added, ""While we can provide thorough analysis of a bank's owned real estate, we don't have to wait until the process is complete to move FDIC assets. There are a lot companies with capital that haven't over-leveraged themselves in order to be in a position to take advantage of the attractive pricing we'll likely see among these failed bank real estate assets. We have many strategic, well-funded buyers for these properties whether sold as is or repositioned.""
All three principals in the joint venture have experience in FDIC asset portfolio liquidation and participated in the Resolution Trust Corp., which was formed during the savings and loans crisis of the late 1980s to early 1990s.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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