Assets troubled?

By Colin Riddle  

APRIL 4, 2010 9:30 p.m. (0)

A Greenville real estate company has established a division to help financial institutions with troubled assets.

The Marchant Co., founded in 1993 by Seabrook Marchant, will help financial institutions manage troubled assets, such as foreclosures and underperforming properties, by maintaining individual properties or meeting other needs.

Charles M. “Chuck” Werner, Jr. will head the new division. Werner recently joined the company after retiring from Peoples National Bank as senior construction manager.

Werner has 37 years of experience in commercial and residential real estate finance.

He also has 15 years of experience in commercial and residential real estate development.

He said his banking and lending experience will allow the company to make better relationships with banking employees.

From 1972 to 1998, Werner was senior vice president of mortgage lending for American Federal Bank, manager of real estate owned and problem assets, and executive vice president of American Service Corporation, a development company owned by American Federal.

Werner says the services, “hit a wide array of everything you can think. From A to Z.”

He said providing such services internally for banks and lending companies can become overwhelming for mid- to-small-sized banks and for banks with limited staff members handling troubled assets.

Larger banks often have a Special Asset Department, but are often not able to be timely due to the bad market.

Troubled assets are increasing and are not allowing financial institutions to invest the appropriate time for each asset.

Holding onto assets can become troublesome due to the needs of each property, such as upkeep, listing, licensing and marketing.

The division will offer listing and sale as well as marketing for bank-owned property.

The company will also provide auction and receivership services.

The upkeep of each property can be time consuming for banks and lending companies.

Therefore, Marchant will provide periodic inspections, ongoing maintenance and assessment of strengths and weaknesses.

This will allow houses to remain up-to-date and on the market for sale, increasing sales for the bank.

The services offered will allow the real estate market to get back on track, Werner said.

Houses held up can now hit the market again.

Marchant will also take care of any unfinished or underperforming houses. They will study the market, assess the time needed and the funds needed for the houses to be completed or improved.

“We want to help them work out of a difficult time,” Werner said.

Werner also hopes to gain closer relationships with financial institutions during this process.

The services are meant to help institutions save money.

If the Marchant Co. can not fit a certain need, they have no problem giving a referral, he said.

The idea behind the troubled assets services offered is to work closely together.

“We hope this doesn’t last long,” Werner says in reference to the troubled market and economy.

He hopes to not have to provide these services in the future if the market and economy get back on track.

He finds that in time this “will happen if we provide the right services.”

The company will work throughout Greenville, Pickens, and possibly Spartanburg and is negotiating contracts to manage assets with a few institutions.

The Marchant Co. serves the Greenville area in real estate and home construction industries along with multiple other aspects of the real estate market, including property management.

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