Birmingham banks going to great lengths to rid books of bad loans and real estate
When Regions Bank has bad loans — and it has a lot of unpaid and delinquent ones right now — they get turned to Cash.
Jeff Cash, that is. He is Birmingham-based Regions’ point man on clearing out bad debt. Half-built strip mall in Ocala on the hook to Regions for the mortgage? Cash knows an investor in Chicago who specializes in buying and rehabbing troubled retail centers. Stalled condo development in Miami? Cash is the kind of guy who can put together a syndicate of buyers with a quickness.
“It often comes down to our last recourse, and that is selling the asset,” said Cash, who is based in Regions’ Florida zone. “We are talking about situations where there is no more collateral, and no more cash.”