Accomplishments

Finding workable solutions to troubled commercial real estate loans is a highly specialized field. Reaching resolution requires not only a thorough understanding of complex financial instruments but refined communication and negotiation skills.

Over the course of his career, Real Estate Recovery Services President Tim Patrick has:

  • Directly managed hundreds of problem loans.
  • Managed two teams of special asset personnel, one in San Francisco and one in Seattle.
  • Managed and liquidated more than 100 REO properties, including single-family lots, houses, apartments, condominium projects, timberland, a golf course, neighborhood retail projects, industrial and office buildings.
  • Oversaw the completion, lease-up and sale of an incomplete super regional retail mall with a loan of $112 million for rehabilitation and expansion. The property was sold to satisfy debt.
  • Managed the completion and sale of an incomplete, 44-unit condominium building.
  • Sold an affordable housing project subject to tax credits, a HUD contract and an unsubordinated land lease. The sale of the property resulted in a positive recovery.

Patrick has acted as a receiver for:

  • BancFirst - Oklahoma City
  • US Bank
  • Bank of America
  • Union Bank
  • First Savings Bank
  • Charter Bank
  • Puget Sound Bank
  • Tapco Credit Union
  • Massachusetts Mutual Life Insurance