Gryphon USA Expands Auction Group to Better Service Bank REO Marketplace
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COLUMBUS, Ohio, Feb. 2, 2021 /PRNewswire/ -- Ohio based Gryphon USA has set its sights on a larger, nationwide footprint for the sale of bank owned real estate.
The newly minted Gryphon Auction Group has attracted two veteran asset managers to assist with procuring assignments from banks, servicers, hedge funds and note-holders seeking to quickly and systematically sell foreclosed homes and remove them from their balance sheet.
"We're expanding to a nationwide model through Gryphon Auction Group," said Gryphon USA principal Rich Kruse. "This expansion was put on hold when the foreclosure moratorium was initiated 10 months ago," he added. "With the expectation that foreclosures will re-start later this year, we are making the move now."
In addition to his 24 years in the distressed marketplace, Kruse said both new partners have extensive experience with regional and national entities eager to reduce their balance sheet exposure. "Those relationships," he said, "are key to satisfying the needs of our core client base."
"With this expansion, and projected increases in Ohio, we expect to manage 3-5,000 units in the 12 months following the expiration of foreclosure moratoriums," said Kruse.
One of the partners, Bubba Mills, CEO of Corcoran Consulting, said that auction works well as an exit strategy for any lender of residential or commercial properties, whether the debt is distressed or performing.
"Selling property is a job many lenders don't want to do, especially credit unions and banks in smaller communities," said Mills, a veteran mortgage industry professional who consults for hedge funds, asset management companies and large investment funds.
Gryphon Auction Group will market the assigned inventory to 70,000 potential investors and other buyers it has already identified, in addition to the real estate community as a whole. "We want to be able to offer liquidation strategies to all type of stakeholders, such as real estate managers, hedge funds, banks and other lenders," he said.
In addition to Bubba, Gryphon has also attracted another an experienced, East Coast, industry veteran onto its executive board who will offer more than a decade of knowledge in default and asset management.
Kruse serves as managing partner of Gryphon USA Ltd., and oversees the affiliated Gryphon Realty real estate brokerage and the Gryphon Asset Management receivership and asset management practice. He will also manage the operations of Gryphon Auction Group's operation.
SOURCE Gryphon USA
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