Nexia Holdings recently announced a new strategy for its real estate operations. The company has plans to grow its real estate portfolio and create value for its shareholders by utilizing a strategy called real estate backed securities. The plan was designed to capitalize on large portfolios of residential real estate held by banks, individuals, corporations or other entities as a result of subprime or other foreclosed loans.
Last month, Nexia Holdings told investors that one of its subsidiaries, Wasatch Capital Corporation, has assembled a team of new officers to manage the real estate operations that will be expanding under Wasatch's ownership. The appointments are as follows: Casey J. Coleman as President, Corey Vandenberg as Vice President, and William Pettet as Secretary/Treasurer.
Richard Surber, CEO of Nexia Holdings, stated, The team that Nexia is assembling will be key to our future success as a real estate holdings company. These professionals will take Nexia in a new direction. I have a high level of confidence in all three new officers of Wasatch Capital Corporation.
Casey J. Coleman, the new President, brings more than 15 years of extensive experience in the real estate market. For approximately five years, Coleman was the owner and CEO of Rental Finders, one of the largest property management companies in Salt Lake City. He has gained much experience managing a real estate portfolio valued over $10 million and will use his expertise to manage Nexia's growing real estate holdings.
Corey Vandenberg, the new Vice President, is credited with founding Utah Foreclosure Advocates in 2002. This company offered a free service to homeowners that wanted to obtain favorable work out conditions to avoid foreclosure. He has been responsible for helping thousands of homeowners avoid foreclosure. During his tenure, he developed a substantial network of loss mitigation companies, bankruptcy trustees, and legal counsel which should prove beneficial to Nexia's real estate team.
William Pettet, the new Secretary/Treasurer, founded several successful real estate businesses including Wasatch Investment Properties and Credit Solutions, LLC. Since 1999, he has worked in the real estate industry as an investor, consultant, and mortgage professional. In 2007 he became the Vice President and CFO of Trinity Financial Services, a Utah mortgage broker.
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