Chris Vogel's Discussions
Seeking Seed funding for new Property Recovery Corporation
Started this discussion. Last reply by Mark Spencer Sep 30, 2013. 1 Reply 0 Likes
The Property Recovery Group specializes in the salvage and recovery of distressed properties in the Philippines.A very common situation in the Philippines is for a family to be “Land rich, but cash…Continue
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- Company name and description
- PRG: The Property Recovery Group, Inc.
The Property Recovery Group specializes in the salvage and recovery of distressed properties in the Philippines.
A very common situation in the Philippines is for a family to be “Land rich, but cash poor”. Inheritance of large parcels of land, yet insufficient capital to maintain property taxes and other miscellaneous fees is common. This often leads to large parcels of prime real estate being “lost” to foreclosure by the government.
PRG is positioned to acquire knowledge of “distressed” properties before they are foreclosed on by the government. We perform due diligence on the current status of: property taxes, liens, loans, legal history, titling, market value, and so forth. If our legal, real estate, and management teams perform our due diligence and then decide to move forward with the salvage, recovery, and sale of the distressed land, then we acquire control of the property through an SPA and other documents. At that point, we offer the opportunity to Joint Venture Partners who will contribute passive capital into the enterprise. Investor returns from the sale of the salvaged property must be projected to be 3x or above, or the deal will not move forward through PRG.
We normally have several exciting opportunities in our queue, but are always open to evaluating additional properties. Should you know of any distressed properties, potential investors, or be a potential investor yourself, feel free to contact us.
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