Cash has been king since 2008 when the market crashed. Because so many toxic banks were taken over by the FDIC, they established various bidding platforms whereby assets are bundled and then offered for sale to qualified, registered bidders. To become an approved bidder on one of these bidding platforms, one must pass a background and credit check, show financial ability to purchase large pools of assets in cash, and wait four months for approval. The bid platforms provide complete packages that include an appraisal, Title, borrower information, payment history, etc. The bidders are responsible for their own due diligence.
Every one of these “assets” has a story and real people behind it. Many of these people have put years of sweat equity and hard earned dollars into these properties, only to risk losing them when their banks went belly up. Clive Reynolds is an approved bidder on 5 separate bidding platforms and has access to all of the FDIC listings. Clive Reynolds is the buyer of broken dreams.
Clive has purchased several broken dreams this year. One of these broken dreams is a 48 unit apartment complex, formerly owned by a retired couple who purchased the property back in 2000 to ensure their retirement. The couple put every dime they had into the property when their bank was taken over by the FDIC back in 2009. Clive purchased their Note for a “song” this year, and is in the process of assisting the couple to restructure or refinance the Note.
Another broken dream that Clive bought this year belongs to a single father, with 2 kids. His wife died of breast cancer back in 2003, and he was left to manage a household and a portfolio of rental properties that he and his wife jointly owned. One of the properties is a fully occupied, 8 plex that has always had a waiting list due to its unique location. The bank that had the loan on the property went under in 2010, and Clive Reynolds recently purchased the Note on the property for a deep discount. He is now working with the borrower to restructure the debt.
Clive Reynolds has significant capital resources and has been the buyer of broken dreams since the banking crisis began. In an environment where assets are being sold for pennies on the dollar, cash is king. Have you had a broken dream that was purchased by someone like Clive? Or are you the buyer of broken dreams? Please share your story.