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OVERVIEW

 

Midwest First Financial (Midwest”) focuses on purchasing performing and sub-performing loans, single family and commercial REO properties, and real estate investments.  Midwest buys assets for its own account and services them as well.  Currently, we have assets with a market value of $80 million and purchasing power of $5 million.  Midwest is client-oriented and whether it is the purchase of one property or a $5 million portfolio, we will always get our clients an immediate response and a quick close.  We will provide an indicative bid within 24 hours and close within 15 business days or sooner.  We are proud of the relationships we have developed with over 65 clients in the last sixteen years.  Many of the clients include originators, investors, insurers, brokers in the secondary market, and real estate developers.

COMPANY HISTORY

 

Midwest was formed in August of 1992.  From August of 1992 until June of 1994, Midwest purchased assets from the RTC and FDIC for its first 2 limited partnerships.  The assets purchased consisted of multi-family housing, retail, commercial and industrial loans.  Both of these partnerships were single pool assets and therefore once the assets were disposed of the partnerships were liquidated. 

 

Midwest First Financial Limited Partnership III (“LP 3”) was formed in June 1994.  This was a six year fund with a main investment objective to purchase non-performing and sub-performing single family, multi-family, and commercial real estate loans and REO.  Due to market forces, competition and profit declines in commercial real estate compared to single-family real estate on a risk/return basis, LP 3 began focusing solely on single-family loans and REO in late 1997.  LP 3 also had a limited life and was liquidated at maturity in December 2000. 

 

Midwest First Financial Limited Partnership IV (“LP 4”) was formed in September 1998.  LP 4 has $32 million of investment capital and $64 million in a line of credit with Wells Fargo.  LP 4 focuses on REO properties and Real Estate Investments.  Midwest and LP 4 has owned assets in 49 states.

PERFORMANCE ON PURCHASE OF REO AND LOAN POOLS

 

We are proud of our sixteen year record of performance and high integrity.  Midwest purchases all assets for its own account and handles all servicing in-house.  During this sixteen year period, we have acquired and serviced over $580 million of loans and REO properties in 48 states. This $580 million consists of 1,650 residential properties with a value of $291 million and commercial properties with a value of $289 million.  Our specialty is single-family REO properties.

  

We have earned a preferred buyer status with many of our clients, both large and small, because of the following:

 

  1. Quick Response - Midwest generally will provide an indicative bid within 24 hours or less and will close within 10 business days;
  2. Client-Oriented - Midwest is a client-oriented team and is highly ethical.  During due diligence we will share all our bpo’s with our clients, reconcile, and document differences.  If necessary, we will order additional bpo’s;
  3. Timely Closing -  Whether it is a single loan or a $20 million pool we are quick to respond and close;
  4. National Team - Midwest has developed a team of over 1,200 real estate brokers, attorneys, title companies, and contractors nationwide;
  5. Certain Execution Midwest will not submit an indicative or final bid unless it has sufficient funds to close within 24 hours of final due diligence.  Midwest, when selected, will begin due diligence immediately and close the assets our client wants to sell and within the client’s time constraints.

PERFORMANCE ON REAL ESTATE INVESTMENTS

 

Midwest has been investing in Real Estate since its inception in 1992.  We have acquired, managed, in some cases rehabbed, and disposed of all types of commercial real estate including multifamily, land development, industrial, retail, motel, and office. 

 

Midwest is currently the developer on 3 local projects:

 

1.         132nd & West Center – 13,844 SF retail development

2.        123rd & Dodge Street – 13,650 SF retail development

3.        I-80 West Lincoln Business Center – 210 acre mixed use development

1.        600,000 SF of Industrial use

2.        550,000 SF of Retail use

3.        330,000 SF of Office use

 

The following are Midwest’s other current real estate investments:

 

1.        4 Industrial/Commercial land development projects in Houston, TX

2.        2 Office Buildings in Houston, TX

3.        Residential development in Vail/Aspen

4.        Condo Boat Marina in Ft. Myers, FL

5.       Townhouse development in the Research Triangle of NC

 


Midwest First Financial, Inc. - 11904 Arbor Street, Suite 200 - Omaha, NE 68144

Bill Preston or Mike Preston (402) 330-2274 Fax (402) 330-6416


Contact Midwest First Financial Mffi@mffi.com