The Real Deal Miami

Distressed debt sales on rise

October 21, 2009 04:04PM

Banks and other lenders holding debts that borrowers can’t pay are willing to sell it at discounts, and South Florida is attracting buyers. Banco Popular North America, for one, sold a note secured by a recently completed condo tower in Miami’s Brickell area. The note was valued at $18 million, and went to developer Robert Lechter, principal of REMS. Group, a Hollywood-based developer, for $10.2 million. Carlos Castro, an attorney and founder of Coral Gables law firm Castro Ramirez, said the time is right for deals such as Lechter’s. He represents investors and about 15 banks in note deals. [GlobeSt]

  • MiaSmith71

    Fortunately, today the situation on the housing market is different. Finally the country has recovered after the housing crisis so today American homeowners feel much better. Economy is quite stable so hopefully something like this will never happen again. But many people have lost their homes, many houses were foreclosed. But even now mortgage borrowers should be very careful. It’s better to turn to trustworthy personal loan providers than to lose a roof over head. Sometimes homeowners get in trouble and put themselves under the risk just because they aren’t responsible enough.