Fraser Forbes Plans Launch of Financing Arm
4/6/2009
GlobeSt.com - By Erica Morphy
MCLEAN, VA- Fraser Forbes, a land broker, is eyeing the financing market. CEO Richard Samit tells GlobeSt.com that the company has identified about $5 billion in private equity that can be combined with debt to provide financing for land sales. It is planning to harness these funds to launch a financing arm sometime this summer.
The timing is right--or close to it, he adds. The bid ask spread appears to be narrowing for land sales and there are several investors on the sidelines waiting for the bottom.
Fraser Forbes was founded in 1995; over the last two years, though, it has added new components to its offering. In January 2009 it rolled out a Management Services Division, aimed at banks that have acquired entitled or partly developed land. Eighteen months ago it launched an Advisory Services Division--again aimed at banks and the financial sector. This division helps banks evaluate the various options available to them regarding their land assets.
