Green River Capital expands into commercial REO
Green River Capital, the REO asset management and loss mitigation provider, is expanding into commercial real estate. GRC now will be able to handle commercial property repossessed by client lenders. The Utah-based GRC will dispose of the assets, maintain the property, provide property valuation and lease verification, as well as evictions, repairs and title services. "There is a increasing need for commercial REO management, and our experience with residential properties enables us to take our core capabilities and adapt them to serve a new and rapidly growing client base," said Brent Taggart, senior vice president of business development and client relations for GRC. In March, Green River Capital won a contract to manage REO for Freddie Mac, and in May, the company expanded these services to credit unions. GRC plans to focus its commercial REO efforts on small-balance properties. It added commercial REO specialists to its nationwide agent network to manage the rising amount of commercial delinquencies. Analytics firm Trepp said delinquencies on commercial mortgage-backed securities fell five basis points in May to 9.6%. But analysts at Barclays Capital (BCS) said this may only be a slight and temporary dip. "As the industry anticipates a continued rise in commercial defaults, GRC will be equipped to provide specialized services to clients across the country and handle any property type," Taggart said. Write to Jon Prior. Follow him on Twitter @JonAPrior.