Inspiring: Debt Buyers Edgefield Send an Unlicensed Florida Lawyer to Texas to Collect Half a Million

LIT RETURNS TO EDGEFIELD’S UNLAWFUL DEBT COLLECTION PRACTICES A YEAR LATER FOR A QUICK REVIEW

Licensed and Bonded Debt Collectors in The State of Texas (May 10, 2023) – Laws In Texas https://t.co/bhroaxGSL3

— lawsinusa (@lawsinusa) May 10, 2023

202137589A

EDGEFIELD HOLDINGS LLC vs. WELLS FARGO BANK

(Court 190)

MAY 19, 2022 | REPUBLISHED BY LIT: MAY 19, 2022

The question is, how many times has rogue debt collecting Florida attorney Todd Feldman done this in Texas courts before?

Who We Are and What We Do [Edgefield]

Charge-offs become bottom line income, and all the costs are on us. Cut cost from your recovery platform and enhance opportunity. We analyze your charged-off assets, bear all the costs and time associated with managing the recovery process, and deliver non-interest income back to you. All you have to do is choose how to receive this reward –up front at acquisition, or over time, as recoveries are made.

Edgefield purchases and manages pools of charge-offs from banks and investors that obligors are unwilling to resolve. (The obligations include deficiencies following foreclosure, money judgments on business loans, unsecured loans, etc.).

Edgefield bears all recovery costs and splits net recoveries with Counter-party, who in turn receives the benefit of Edgefield’s unique workout platform and strong deficiency recovery track record without placing any money at risk.

What Inspired Us and What We’ve Done

Edgefield’s principals led the acquisition and management of 64 non-performing loan portfolios totaling over 10,000 assets under which more than $6 billion in UPB was owed.

From the first four non-performing loan portfolios acquired in 2010, Edgefield’s principals oversaw recovery on several hundred million of deficiency balances after foreclosing thousands of commercial real estate loans nationwide

$105 million of proceeds were collected, with expenses of approximately $30 million

Using the split net recovery on collections structure, the counterparties on the four portfolios described above would have received $37.5 million in deficiency recoveries over a five year period, with all expenses incurred to obtain those collections borne by Edgefield

These results demonstrated the value that a net recovery split tail could provide to contributors of charged-off obligations and gave rise to Edgefield’s charge-off program

Edgefield continues to average a 3.47x multiple to costs on fully resolved assets, in line with the hypothetical cash flows described below, but within an 18-36 month period.