About Us
In 2005, Scott Allan, one of the main members of our power team was intrigued by
the legislation following hurricane Katrina and what the actions of the
government were to stimulate the recovery of the devestated economy along the
coast in Mississippi. With something called the Gulf Opportunity Zone Act
being introduced in December of that year and the massive call for the new
construction of affordable housing, Scott saw a glaring real estate investment
opportunity. With a background in construction, finance structure, and
acquisition transactions, he started thinking of a way to get his investor
following into low risk investment opportunity.
As 2006 was well underway and Scott still doing due diligence, we noticed a mad
rush for land and builders immediately following the Go Zone announcement.
Property owners were putting premiums on anything remotely near the coast as out
of town investors were purchasing land for the income tax incentive.
Sure, there was no housing. If you could buy, rehab, and rent, you were
nearly guaranteeing yourself rental cash-flow for life. In the meantime,
Scott had finalized land entitlements on a 35 acre piece of property in Florida
on the Gulf of Mexico for a local developer and helped plan the subdivision.
Recognized for that accomplishment, he was hired by TFS, one of the largest
privately held construction lenders in the country where he was Real Estate
Director and Construction consultant to hundreds of builders along the southern
United States. As Scott was wrapping up the due diligence of the
Mississippi investment market, prices peaked and were starting to re-stabilize,
bringing affordability back to the land prices. Using a common resource
used at many banks, Scott monitored the income levels versus the housing price
values and prices. By 2007, prices stabilized to where land became cheap
again and cost of construction materials declined nearly 15% as our economy
slowly flirted with a recession. At that time we knew that we were at the
realistic forefront of the market, where we continue to build brand new homes
for investors and end-users in the most heavily damaged areas.
Mike Allan, with Omni National Bank is our company's in-house lender. As a
non-exclusive lender, we have the capabilities to use his financing or his other
recommended lenders determined on case by case applications.
Licensed to do business in every state, Mike is a genuine residential /
commercial master of construction finance structure, creative refinances in
today's market, and has a wealth of established national bank relationships to
give his customers the most efficient financing for their portfolio.
Formerly one of the top mortgage bankers for one of the most well respected
mortgage brokerages in New York City, Mike has committed to Omni National Bank
to assist in establishing the residential sector for the bank. He brings
unprecedented finance experience and full time one-on-one availability.
Give us 1% of your trust, and we will earn the rest!
|
