Pilot Asset Management, L.L.C. Advises Foreclosing Land Lenders

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New company created to manage foreclosed business assets and to consult on investment opportunities for real estate businesses.

Pilot Asset Management, LLC

With our extensive development background, Pilot quickly provides clients accurate base data, clear explanations of issues, and strategies tailored to minimize holding costs.

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Valley real estate entrepreneurs Peter Gooding and John Fortini have formed Pilot Asset Management, L.L.C. (Pilot) to help commercial lenders maximize the value of foreclosed land developments.

Fortini, president and owner of Silver Fern Management, LLC, has over the past 10 years managed the construction of some of metro Phoenix, Arizona's largest residential land developments for public and private developers. Gooding, through his True West Companies, has planned and developed a dozen residential developments in Arizona over the past 15 years.

Lenders managing foreclosed properties often don't have available in-house expertise to assess the complex agreements and issues that are typically part of residential land developments. And in today's challenging business environment, bank OREO departments can't justify the expense of hiring such expertise full time. Pilot meets this need by providing commercial lenders residential land development expertise, helping them realize more of the value of their land holdings.

According to Fortini, "With our extensive development background, Pilot quickly provides clients accurate base data, clear explanations of issues, and strategies tailored to minimize holding costs." Gooding added: "Foreclosed land developments are often complicated with real and perceived risks which depress an asset's market value. Pilot clarifies and often resolves these risks, enabling owners and brokers to sell foreclosed assets at higher prices and in shorter time frames."

Since its formation in April of this year, Pilot has worked on nine foreclosed residential projects in five states on behalf of national and regional banks.

For more information about Pilot Asset Management, L.L.C. contact Peter Gooding at 480.315.8085 or visit http://www.pilotasset.com/.

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