EXPERTS IN OREO AND DISTRESSED ASSETS.
You've asked me to write a few words on my experience with you and Paul on the ORE Marketing & Management MSA put in place to facilitate the disposition of ORE from Green Bank's acquisition of Patriot Bank.
As you are well aware, the Patriot ORE was a diverse and complicated set of properties, many of which had been on Patriot's books for quite some time. When we entered into the initial contract, neither of us knew exactly how the process would evolve, but I will say with certainty that both you and Paul have met the bank's expectations to the fullest - not only the process but also the outcomes. The procedures you put in place made the information flow and decision making seamless, you disposition strategies and recommendations were on target, and our disposition goal for the assets was met.
In summary, I believe that the portfolio was handled in a professional manner, and met all of the bank's expectations for disposition. In fact, should the need arise in future acquisitions, I would not hesitate to engage LaFico & Associates, not only for the disposition but also earlier in the due diligence process.
Donald S. Perschbacher
Senior Executive Vice President
Green Bank
Several years ago, I had the pleasure of meeting and working with Joe LaFico and his team of highly qualified real estate professionals concerning a major real estate project, which was classified as "Other Real Estate Owned" by a major bank. Joe and his team were the most professional that I have encountered in more than 30 years of representing financial institutions.
In dealing with Joe and his team, which includes, Paul Kratzer, I was impressed by their trustworthy approach and competence. Not only did they understand the real estate dimension, but they were also fully aware and helpful in dealing with the Bank's business and regulatory side of the disposal of OREO. I am pleased to recommend Joe and his team to anyone who has a need for managing and disposing of real estate.
Wilson Ritchie
Managing Partner
Ritchie & Powell, P.C.
We deal with a lot of commercial banks, and I know they will be the absolute beneficiary of the talents of LaFico & Associates. Unfortunately, not all loans perform as planned and some must be "reworked" to maximize/salvage their value. You and your team have proved time and time again that you have the skill set and demeanor to accomplish the task.
Having worked alongside and across from Joe LaFico, as a buyer, on numerous occasions, I have experienced his knowledge, worth ethic, and relentless pursuit working on behalf of clients.
Brad Freels
Chairman
MIDWAY
An Integrated Real Estate & Development Firm
Joe is a strategic thinker who goes above and beyond when it comes to optimizing OREO asset value and moving assets. Not only is he an excellent negotiator and resource, his unrelenting attention to detail coupled with strategic thinking and his vast commercial and residential marketplace knowledge is not only priceless but also differentiates him from the pack. With Joe, I trust that he will consistently deliver on commitments, with bottom-line focus. Together with his team of OREO experts, Joe is systematic in his approach to assessing, marketing and moving OREO assets and puts extra effort into the process to make sure he hires the right team for the job. With the Houston and surrounding area's economy in flux, Joe is a wise investment!
Mark Woodroof
Partner
Better Homes & Gardens Real Estate Gary Greene
With LaFico & Associates, their foresight, expertise, and asset management experience in OREO and distressed assets are outstanding. His passion and unrelenting commitment to helping clients achieve success with the assessment, valuation, and distribution of distressed assets makes them a strong partner and powerful allies. Joe and the team at LaFico & Associates have a real gift for analyzing the situation or opportunity and asking exactly the right questions of the right people.
Joe serves as an invaluable resource to his clients — asset managers, financial and banking institutions — by cutting through to the essential elements and expediting the process. Joe's unrelenting positive energy and tenacious approach spell bottom-line results. Joe is one of the smartest and savviest asset management / OREO consultants that I've had the pleasure of knowing. Always insightful, and ready to take appropriate action, Joe exemplifies the utmost in integrity, focus, and an unrelenting approach to doing business, the right way. He combines creative vision with insightful strategic thinking, solid business acumen and a relational style that puts most everyone at ease immediately. You can count on Joe to be reliable, full of integrity, and to always be well-prepared to serve your best interests.
Quentin Dastugue, CCIM
CEO
Property One, Inc.
As a leading hotel and hospitality company, we've had the pleasure of working with Joe LaFico in his capacity as Vice President, US Bank REO for over 15 years. We have primarily been called upon to operate REO hotel assets, serve as Receiver or act in a consulting capacity.
During every engagement, I have found Joe to be supremely organized, proactive, and responsive to the company he hires, analytical, ethical and a tough but fair representative of his employer.
It is rare to find someone in Joe's position who understands banking and real estate as well as Joe does.
Dave Akridge
President
Great American Hotel Group