Bank Finds Solution for Distressed North Carolina Mountain Land Development

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Fifth Third Bank of Grand Rapids found a solution for a bank-owned North Carolina Mountain Land Development. Specialized firm produced individual lot sales which showed inherent value in the project and peaked interest from private capital.

Round Mountain Falls Entrance

After we proved that the inherent value was still there, the interest from private investors perked up...

In December of 2009 Fifth Third Bank of Grand Rapids received an 817-acre North Carolina Mountain development called Round Mountain Falls in lieu of foreclosure. The property consists of spectacular mountain views and amenities such as a gated entrance, timber-frame lodge, stocked trout pond, hiking trails and waterfalls up to forty feet tall. Like many banks, Fifth Third Bank had no interest in marketing and selling a North Carolina mountain development on their own.

They found a solution in a local management, marketing and sales firm called TFM Carolina, Inc., who listed the individual lots and began searching for a private buyer of the entire project. “We specialize in marketing and selling mountain and lake development projects. It was a natural fit for us to market and sell these bank-owned developments…” said Andy Baker, President of TFM Carolina, Inc. “We began by selling through the Round Mountain Falls individual lots at bank-directed prices. After we proved that the inherent value was still there, the interest from private investors perked up. Round Mountain Falls is the model for how these bank-owned development projects will be sold to private owners again. Private investors are willing to purchase if they see the value.”

Drake Rosman, LLC has purchased the remaining 50 homesites at Round Mountain Falls. “Round Mountain Falls is a remarkable mountain property. The amenities and large homesites create a natural sense of place for both families and active adults. We are excited to be a part of this well-planned community and believe that our capital and operational resources will allow the development to achieve its original goal of providing a world-class, yet affordable, mountain resort” says Jeff LeForce, Executive Vice President of Drake Rosman, LLC. Drake Rosman, LLC is wholly owned by Drake Capital, LLC, a Charlotte-based real estate investment firm with residential and commercial projects throughout the Carolinas.

Drake Rosman, LLC has retained TFM Carolina, Inc. to sell the remaining homesites for them at deeply-discounted prices. “We plan on selling through the remaining property fairly quickly.” said LeForce. “The prices are fantastic and we have a great deal of confidence in their (TFM Carolina, Inc.) ability.” TFM Carolina, Inc. provides management, marketing and sales services to developers and banks that need to turn their land assets into cash.

Drake Rosman, Inc. has set very aggressive release prices for this summer. “This is a great opportunity for customers to purchase property here in the mountains at deep discounts of up to 60% off of the original prices.”, said Andy Baker of TFM Carolina, Inc.

Persons interested in purchasing property at Round Mountain Falls are encouraged to call TFM Carolina, Inc. at (866) 936-5263, or visit the website at http://www.RoundMountainFalls.com for more information.

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