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NEW YORK, NY / ACCESSWIRE / January 17, 2019 / RelianceGlobal Group, Inc. (OTC PINK: RELI) ("RELI" or the "Company") is pleased to announce that it has signed an LOI to purchase 100% of a portfolio of 15 Multifamily Properties. The properties are located throughout the states of Ohio, Indiana, Kentucky, Michigan and Georgia.
The properties are currently owned in a joint venture of which Mr. Beyman, CEO of RELI, is a part owner. The properties have been managed by Mr. Beyman and his entities from 2006 through today. The assets have an appraised value of nearly $80,000,000 and a Net Equity of approximately $24,000,000, according to an independent appraisal report from May 2017. The purchase of the properties is subject to a loan assumption agreement with the lender, which is already in process, and completion of other conditions noted in the LOI. RELI's intention is to complete the acquisition with RELI common stock.
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NEW YORK, NY / ACCESSWIRE / January 31, 2019 / Reliance Global Group, Inc. (OTC PINK: RELI) (''RELI'' or the ''Company'') is pleased to announce that it has signed a Letter of Intent (LOI) with the owners to purchase 100% of a portfolio of four multifamily properties.
The properties, located in Indiana, Ohio, Michigan and Georgia, are currently owned by a joint venture of which Mr. Beyman, CEO of RELI, is a part owner. The properties have been continuously managed by Mr. Beyman and his affiliated entities since 2006.
The four multifamily properties being acquired by RELI have an appraised value of nearly $33,000,000 and a Net Equity of approximately $8,000,000, according to an independent appraisal report from November 2016.
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LAKEWOOD, N.J., Aug. 19, 2019 /PRNewswire/ -- Reliance Global Group, Inc. (OTC: RELI) ("Reliance," "RELI" or the "Company"), today announced it has signed a Letter of Intent (LOI) to acquire a Class A multi-family property for a purchase price of $42.5 million. The property consists of approximately 260 apartment units. The first phase of construction, completed in 2017, is 97% occupied. The second phase of construction is expected to be completed in 2020, and all of the completed units have been pre-leased, subject only to total completion of construction.
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LAKEWOOD, N.J., Oct. 02, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTC: RELI) (“RELI” or the "Company"), today announced Reliance Global Holdings LLC, (“Reliance LLC”), RELI’s affiliated privately-owned LLC, has executed the purchase and sale agreement to acquire two contiguous Class A multi-family properties for a total purchase price of $42.5 million, following the signing of the letter of intent, as previously announced on August 19, 2019.
The properties consist of approximately 260 apartment units located in a strong market on the East Coast. The first phase of construction, which consists of 117 units, was completed in 2017, and is 97% occupied. The second phase of construction, consisting of 143 apartment units, is expected to be completed mid-2020, and all of the completed units have been pre-leased, subject only to total completion of construction
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LAKEWOOD, N.J., Nov. 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Reliance Global Group, Inc. (OTC: RELI) (“RELI” or the "Company"), today announced that Reliance Global Holdings LLC (“Reliance LLC”), RELI’s affiliated privately-owned LLC, has completed due diligence on its previously announced LOI to acquire a 260 unit multi-family property, and executed the contract to acquire these properties. Reliance LLC is formally under contract and has released from escrow all deposited funds. RELI intends to complete the acquisition of the first 117 units in January 2020. Once completed, this will be RELI’s first acquisition in the real estate sector.
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NEW YORK, NY / ACCESSWIRE / February 6, 2019 / Reliance Global Group, Inc. (OTC PINK: RELI) (''RELI'' or the ''Company''), announces that it has fully executed an amended Letter of Intent to acquire 100% of an unaffiliated niche insurance agency. The LOI, originally signed on November 19, 2018, has been amended and re-signed due to the conclusions of our third-party Due Diligence Firm, as a result of which RELI has re-negotiated a more favorable purchase price. The agency specializes in placing Group Health Insurance for businesses in the Northwest. Insurance agencies, as opposed to carriers, bear no insurance risk.
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NEW YORK, NY / ACCESSWIRE / February 13, 2019 / Reliance Global Group, Inc. (OTC PINK: RELI) (''RELI'' or the ''Company'') announces that it has fully executed two separate Letter of Intents to acquire 100% of each unaffiliated insurance agency. Insurance agencies, as opposed to carriers, bear no insurance risk.
One of the agencies to be acquired had premiums of approximately $7,500,000 (unaudited) in 2018. Additionally, this agency has been experiencing growth year over year. The agency specializes in Personal and Commercial insurance lines and is located on the West Coast, increasing RELI's presence there.
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NEW YORK, March 14, 2019 /PRNewswire/ -- Reliance Global Group, Inc. (OTC: RELI) ("RELI" or the "Company"), is pleased to announce the hiring of Brian Platte as Vice President of Medicare Sales, overseeing national business development and expansion for RELI's 100% subsidiary, US Benefits Alliance (USBA). As the President of Platinum Benefits Advisors, Brian brings a vast amount of experience operating as a Medicare FMO (Field Marketing Organization). Platinum Benefit Advisors is located in Michigan and has Medicare agents located in Ohio, Indiana, Tennessee, Michigan, Georgia and Texas.
As a result of Brian's acceptance of his new position with USBA, USBA has signed a LOI to acquire his FMO, Platinum Benefit Advisors. Depending on the timing of the completion of our SEC-compliant audits, the FMO might first be acquired by RELI's affiliate Reliance Global Holdings, LLC, and then acquired by RELI shortly thereafter, pending the completion of RELI's audit, which is in progress.
The second agency to be acquired had revenues of approximately $525,000 (unaudited) in 2018. This agency specializes in placing health insurance, which will complement the agencies we currently own, Employee Benefits Solutions and US Benefits Alliance, which are located in the same Midwestern region
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