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Warmington Agrees To Manage, Build And Sell More Than 600 New Homes

Monday, October 26, 2009 / Warmington Group

Since 1926, the Warmington group of companies has been building fine crafted new homes. Founded as a custom estate builder in Hollywood, the first Warmington Company gained reputation as the ‘homebuilder to the stars’ with a long list of celebrity clients. Over the years, the company developed into the production of building new homes on a larger scale. With each new home built with the quality and craftsmanship the Warmingtion was known for. In doing so, Warmington became one of the most sought after home builder. With more than 30,000 new homes, the Warmington group continues to celebrate its rich history while remaining focused on the future. Warmington’s beautifully state-of-the-art family homes for sale are location in the finest location in approximately 20 new home communities throughout California and Nevada.

The Warmington Group is now stepping outside the builder box. With agreeing to manage, build and sell more than 600 homes within five locations for TriPacific Capital Advisors, LLC as well as analyzing REO portfolios for Comerica Bank, Guaranty Bank and Bank of America. These include two southern California locations where Warmington will build and sale 130 single-family new homes in Rancho Cucamonga and Chino Hills. Warmington Residential Nevada will build and sell 482 single-family new homes in Las Vegas, within the master planned community of Providence.

This growth of new homes is due to a fee management arrangement between The Warmington Group and Irvine-based TriPacific Capital Advisors LLC. However Warmington is not stopping there but is providing due diligence analysis and asset management services on residential project loans for Dallas-based Comerica Bank, and is analyzing the new home project REO portfolios for Guaranty Bank and Bank of America.

With the recent real estate market conditions that led to builders to cease doing business and properties being foreclosed, this asset projection and REO management will work for banks, land bankers, and equity partners that were affected by builders pulling out of residential projects. The Warmington Group offers a full range of real estate management and development services. Everything from project analysis, asset protection, property management and entitlement processing to planning, building, selling and servicing new residential production homes, condominiums and apartments.

The Warmington group’s financial strength and over 25 years of experience providing fee management and consulting services to a diversity of banks, S&Ls, and other homebuilders, has placed The Warmingtion Group as the forerunner in today’s REO management/workout environment. It is because of this portfolio of asset protection and management experience that has led to Warmington in current discussion with several other lending institutions and is vigorously engage in the process of acquiring additional fee management deals.

“We consider these fee management arrangements to be a crucial part of our current business plan,” Jim Warmington President and CEO of Warmington Residential California and Warmington Residential Nevada. “Not only do they provide significant income to help offset our overhead and keep key individuals employed and busy, but this also is an opportunity to provide a much needed service to the lending institutions with whom we have built a strong and mutually beneficial relationship through all types of market conditions. Additionally, this work will help us to identify and get a first look at some good properties to buy in the future. These fee management arrangements are especially important given the difficulty finding good opportunities to buy outright in the current market, and the difficulty in obtaining financing in the event we do.”

Published by : New Homes Directory .com
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