PRLog - Jun. 8, 2009 - The builder completed the first phase of homes. Once mortgage financing for homes over $1 million became difficult to secure, the owners elected to sell the second phase. "The real estate market has seen some signs of stabilizing but unfortunately it's still unsustainable,"
CWP Advisors will manage the asset and the disposition for the builder in cooperation with its lender, California Bank and Trust. The lender is a subsidiary of Utah-based Zions Bancorporation, a large financial institution with assets of over $50 billion. On Friday February 6, 2009, the California Department of Financial Institutions closed Alliance Bank and the Federal Deposit Insurance Corporation was named receiver. By the following Monday, California Bank and Trust had acquired the deposits and loans of the failed Alliance Bank.
"We are pleased about being selected to represent the ownership. We believe each and every appointment is a testament to the hard work the CWP Advisors' team has put into the company. We hope to make the best of a difficult situation in a troubling economic environment,”
About CWP Advisors LLC
CWP Advisors was formed in response to the distressed real estate market. The Company offers Asset Management, Receivership Services and Sophisticated Resolution Solutions for real estate assets for owners and lenders invested in residential and commercial real estate.
# # #
CWP Advisors offers Asset Management, Receivership Services and Sophisticated Resolution Solutions for real estate assets. CWP was formed to assist lenders with Real Estate Assets resulting from the distressed default industry.