In addition, the company’s newly formed subsidiary, Progressive Real Estate Solutions, intends to exploit opportunities in the distressed, nonperforming and foreclosed residential loan markets and to originate loans in the hard-money and commercial sectors.
The company has also announced that the anticipated name change follows recent debt and equity investments aggregating $1.50 million by West End Special Opportunity Fund, a private equity investor, and certain affiliates
The company has also announced that subject to approval by the company’s board of directors, Robert Beller, a member of the company’s board of directors, will be elected to the office of CEO of the company. It is anticipated that Mr Beller will also serve as executive vice president and general counsel of West End.
Stanley Kreitman, chairman of the board of Geneva Financial, said: In light of the company’s business objectives, we believe that the financial support of West End will accelerate the pace of the company’s business diversification in 2008.
