1st Service Solutions Launches 1st Equi-Debt Solutions
- Dec 10, 2010
Dallas—1st Service Solutions, the first firm to serve completely as a borrower’s advocate, has launched 1st Equi-Debt Solutions, which will offer equity and debt to borrowers of non-performing commercial real estate loans as part of their debt restructure.
The new firm was formed by Ann Hambly, founder and CEO of 1st Service Solutions and Mike Meisenbach, CPA and founder of Asset Advisory Alliance (A3).
Most recently, Meisenbach was principal and president of Investment and Capital Markets Advisory Services for Lee & Associates, a commercial real estate firm. In this role, he sourced equity and debt solutions for commercial property owners. In 2007, he founded Asset Advisory Alliance, a group of investment brokers in the Western United States who assist lenders, asset managers, owners and investors to resolve their asset challenges through consolidated resources and strategic collaboration across multiple service platforms and property types.
“We were the first firm to identify the need for a borrower advocate in 2005 and have resolved more than $4 billion in loans,” says Hambly. “Given that many borrowers have had their capital bases wiped out, they are in need of alternative equity and debt. 1st Service Solutions has successfully connected some borrowers to this form of equity and debt already in the past, but given the sheer volume of deals in the 1st Service Solutions pipeline, it was very apparent that the need for rescue equity and debt will only grow.”
Meisenbach adds, “1st Equi-Debt Solutions is one of the first firms to not only give borrowers access to equity and debt, but also give investors the opportunity to buy properties from lenders.” He adds that the company’s goal for 2011 is to raise an equity fund between $100 and $200 million.