what happened to the bottom line here?
Date : 03/30/2011 @ 4:03PM
EVPH Completes First Transaction With National Servicing Corporation; The Purchase of a $197,000 Debt Is Expected to Deliver 60%
Everybody's Phone Company (PINKSHEETS: EVPH) is pleased to announce that they have completed their first debt-buying transaction through new partner Nat-Serv Corp. EVPH will buy a mortgage debt for $197,000 at a 75% discount, approximately $52,000, for an estimated 60% profit. Significant revenues are expected to be incurred by the third quarter. This is the first of many transactions EVPH will announce in the near future.
Steve Bethke, President of EVPH, stated, "We are happy to complete this first transaction. By getting one debt purchase out of the way we can get a foot in the door while learning the proverbial 'ropes' of the industry; debt buying is enormously profitable and should help boost our bottom line dramatically by the close of 2011."
EVPH struck a deal with Nat-Serv to buy portfolios in the hundreds of thousands, for even larger profit margins. This initial investment will show EVPH a variety of inside information about their new debt buying strategies, the paperwork, timeframes, and most importantly, the profits that are to be expected.
About National Servicing, Corp.
Founded by industry pioneer Thomas Law and managed by a dedicated team of experienced workout professionals, NSC is a boutique shop built around human assets with a second-to-none understanding of this business. Their four person management team alone has over 100 years of collective loss mitigation experience behind them. The company's goals include, to work in ways that are collaborative, not confrontational; in ways that will convert more delinquent loans into happy borrowers. Sometimes there's just no substitute for experience, especially at this unique time when so many borrowers are opting for "strategic default."
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