News & Press
Multi Distressed Asset Co. Acquires DiscountedProperties.com
Multi Distressed Asset Co., part of The Multi Group of Companies (Multi), has acquired Texas based DiscountedProperties.com, a portal for bank owned real estate and REO properties. DiscountedProperties.com is a growing market leader in the distressed real estate industry and currently works in conjunction with some of the country's largest financial institutions. The financial terms of the agreement are undisclosed.
This acquisition adds to the depth of the strategically aligned businesses that make up The Multi Group of Companies portfolio, which also includes Multi Capital, Multi Investment, and Multi Development. Multi, a market leader in the full gamut of real estate investments and financing has been providing services for over 15 years. Multi has launched Multi Distressed Asset Co. to leverage its operational experience in the distressed real estate market. To date, Multi Distressed Asset Co. has acquired thousands of REO properties nationwide from lenders and servicers alike. Multi Distressed Asset Co. has allocated millions of dollars for these acquisitions, targeting the continued acquisition of thousand of REO properties each month. Multi's assets are focused on supporting and enhancing the financial health of financial institutions by assisting investors, lenders and servicers to proactively address and resolve the challenges they face in the current economic crisis.
"There is a huge buildup of hundreds of thousands of assets in this arena due in part of the failure of the institutions to properly deal with these issues. Institutions simply do not want to take further write downs, so they are delaying what will be inevitably another catastrophe," says Eli Verschleiser, Chief Executive Officer of Multi.
Multi plans to further expand into the REO and distressed real estate segment by organically developing and acquiring organizations that service and dispose of these types of assets.
"We are pleased with the growth of our disposition channels and continue to implement our strategies and vision in this arena. We believe our companies are positioned to leverage the current crisis and add value for our shareholders," says Dov M. Shimano, COO of Multi Distressed Asset Co.
About Multi Capital LLC
Multi Capital, Inc. (www.Multi-Capital.com) is a nationwide finance company specializing in the full spectrum of real estate financing. Multi Capital is known for its expertise in arranging Senior Debt, Mezzanine, and Equity for Development Deals. With its financing experts originating from the real estate development arena, Multi has the expertise needed to syndicate these transactions.
Multi Capital provides a service that is unmatched in efficiency, speed, and thoroughness. Multi currently has over $600,000,000 in development deals in the pipeline.