Problem: A community bank in Texarkana, Texas unexpectedly found themselves in a foreclosure situation. Being a small community bank, they did not have the experience or resources to deal with the situation.
Solution: Nutt Auction provided a “turn-key” solution. They managed all the details necessary to get the business assets sold. From the heavy equipment to the office furniture, everything was sold using a combination of live auction with online bidding. At the conclusion the waste was removed and Nutt even provided a broom swept building when they returned the key to the banker with a settlement check.
Result: The bank was able to quickly recapitalize the assets from that company and return the property to the landlord without incurring additional rent. The turn-key solution allowed the bank to focus on other lending activities without having to worry about managing the details associated with the bad loan.