OVERVIEW
Midwest First
Financial (“Midwest”) focuses on
purchasing performing and sub-performing loans, single family and commercial
REO properties, and real estate investments. Midwest
buys assets for its own account and services them as
well. Currently, we have assets with
a market value of $80 million and purchasing power of $5 million. Midwest is
client-oriented and whether it is the purchase of one property or a $5
million portfolio, we will always get our clients an immediate response and
a quick close. We will provide an
indicative bid within 24 hours and close within 15 business days or
sooner. We are proud of the
relationships we have developed with over 65 clients in the last sixteen
years. Many of the clients include
originators, investors, insurers, brokers in the secondary market, and real
estate developers.
COMPANY HISTORY
Midwest was formed
in August of 1992. From August of
1992 until June of 1994, Midwest purchased
assets from the RTC and FDIC for its first 2 limited partnerships. The assets purchased consisted of multi-family
housing, retail, commercial and industrial loans. Both of these partnerships were single
pool assets and therefore once the assets were disposed of the partnerships
were liquidated.
Midwest First Financial Limited Partnership III (“LP 3”) was formed in
June 1994. This was a six year fund
with a main investment objective to purchase non-performing and
sub-performing single family, multi-family, and commercial real estate
loans and REO. Due to market forces,
competition and profit declines in commercial real estate compared to
single-family real estate on a risk/return basis, LP 3 began focusing
solely on single-family loans and REO in late 1997. LP 3 also had a limited life and was
liquidated at maturity in December 2000.
Midwest First Financial Limited Partnership IV (“LP 4”) was formed in
September 1998. LP 4 has $32 million
of investment capital and $64 million in a line of credit with Wells
Fargo. LP 4 focuses on REO
properties and Real Estate Investments.
Midwest and
LP 4 has owned assets in 49 states.
PERFORMANCE ON PURCHASE OF REO AND LOAN POOLS
We are proud of our sixteen year record of performance and
high integrity. Midwest purchases all assets for its own
account and handles all servicing in-house.
During this sixteen year period, we have acquired and serviced over
$580 million of loans and REO properties in 48 states. This $580 million
consists of 1,650 residential properties with a value of $291 million and commercial
properties with a value of $289 million.
Our specialty is single-family REO properties.
We have earned a preferred buyer status with many of our
clients, both large and small, because of the following:
- Quick Response - Midwest generally will provide an indicative bid within 24
hours or less and will close within 10 business days;
- Client-Oriented - Midwest is a client-oriented team and is highly ethical. During due diligence we will share all
our bpo’s with our clients, reconcile, and document
differences. If necessary, we
will order additional bpo’s;
- Timely Closing - Whether it is a single loan or a $20
million pool we are quick to respond and close;
- National Team - Midwest has developed a team of over 1,200 real estate brokers,
attorneys, title companies, and contractors nationwide;
- Certain Execution – Midwest will not submit an indicative or final bid unless it
has sufficient funds to close within 24 hours of final due
diligence. Midwest, when
selected, will begin due diligence immediately and close the assets
our client wants to sell and within the client’s time constraints.
PERFORMANCE ON REAL ESTATE INVESTMENTS
Midwest has been
investing in Real Estate since its inception in 1992. We have acquired, managed, in some cases
rehabbed, and disposed of all types of commercial real estate including
multifamily, land development, industrial, retail, motel, and office.
Midwest is currently the developer on 3 local projects:
1.
132nd & West Center –
13,844 SF retail development
2.
123rd
& Dodge Street – 13,650 SF retail development
3.
I-80 West
Lincoln Business Center – 210 acre mixed use development
1.
600,000 SF of
Industrial use
2.
550,000 SF of
Retail use
3.
330,000 SF of
Office use
The following are Midwest’s other current real estate investments:
1.
4
Industrial/Commercial land development projects in Houston, TX
2.
2 Office
Buildings in Houston, TX
3.
Residential
development in Vail/Aspen
4.
Condo Boat
Marina in Ft. Myers, FL
5.
Townhouse
development in the Research Triangle of NC
Midwest First Financial, Inc. - 11904 Arbor Street, Suite 200 - Omaha, NE
68144
Bill Preston or Mike Preston (402) 330-2274 Fax (402) 330-6416
Contact
Midwest First Financial Mffi@mffi.com
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