Special offer
Brecht Palombo, Bank direct REO and notes (distressedpro.com) Real Estate Broker/Owner

RAINER

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Brecht Palombo
Bank direct REO and notes
location_on Bend, OR — distressedpro.com
Get to Know Brecht Palombo

I started working with banks in the distressed real estate market at the beginning of the down cycle in late 2005. I run an independent office as part of a large national firm selling bank’s distressed and foreclosed assets.

I developed BankProspector, distressedpro.com’s first software package, out of necessity. I spend a lot of time prospecting and working for banks with distressed property, specifically with their commercial, construction, and multifamily reo (OREO) and non-accrual or non-performing loans.

The big prospecting problem I found is transparency – oftentimes when calling on a bank, regardless of an existing relationship, they don’t say “yeah sure, we’re in trouble, in fact we’ve got millions of dollars hitting the skids right now”, that just doesn’t happen.

In many cases, I spent a lot of time penetrating an account, making my way to the workout or special assets group, only to discover that the truth is they really didn’t have what I was looking for.

I’m going to let you in on a little secret, all the important bank data, including distressed real estate, REO, and loan balances is public information – US bank regulations demand such quarterly reporting.

SO WHAT’S THE PROBLEM?

The public data isn’t designed for prospecting banks. It’s big and unwieldy and it takes a lot of time to get through it. So what I ended up with was bits and scraps and spreadsheets on top of spreadsheets and stacks of PDFs, just to stay on top of who in my area had distressed assets of interest and who I should be contacting. Not surprisingly, my valuable time could be spent more productively.

In fact, it became basically a part time job for me to track the banks I was prospecting and find out who was reporting distressed assets. There are whole consulting businesses built around pulling this data out and making sense of it – this is where BankProspector steps in.

What I set out to develop in BankProspector, and I think that we’ve accomplished it, is the easiest and most transparent system that there is for researching and prospecting distressed real estate and loans directly with banks. If you’re a real estate professional, investor, broker, property manager, or private equity investor and you’re working with banks or want to work with banks directly, then I designed BankProspector for you.

If you’re selling or buying loans or REO, involved in dispositions or consultancy of distressed loans or property, I want to offer you an opportunity to take a FREE trial during our BETA launch period to check out the system, provide us with feedback, and determine if continued access makes sense for you and your business.

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Certifications

Distressed assets, REO, non-performing loans and bank owned commercial real estate.