What a great expression.
It separates the real players from those who merely reference values but are not willing to stand behind them.
Fortunately, Loeb’s values have held up and our appraisal business is strong. We have another saying around here that I think applies to our business: There is no one in the world more loyal than a banker whose collateral turns out to be there when the chips are down.
For years, Loeb has helped financial institutions and other customers with machinery and equipment appraisals in our areas of expertise, and we have delivered appraisals to more than 300 locations annually in the past few years.
On occasion, these appraisals turn into liquidations after the appraisal is complete. Each year for the last few years, we have conducted approximately 20 complete plant auctions or liquidations, some of which also involved purchasing the real estate. Last year, our biggest project was a 650,000 square-foot pharmaceutical plant located on 280 acres near Dallas. Like this one, the majority of our liquidations involve cash purchases, but some are conducted on either a commission or guarantor basis.
Because of our strong liquidity, Loeb has been able to start providing distressed loans on machinery and equipment to those who are unable to obtain normal bank financing. We have not only provided loans directly to clients, but we have purchased bad loans from many of the country’s major financial institutions on more than 50 projects. Most of them were in the U.S., and one was in Mexico.
If you’re interested in distressed loans, please do not hesitate to call me. I would be glad to walk you through the necessary steps to obtain this type of financing or to purchase these types of loans.
As always, we welcome your calls to purchase, sell, or trade excellent used processing and packaging machinery, as well as the opportunity to assist you with market value appraisals, plant liquidations and auctions.