Equity Recovery Advisors was formed by Corbeil of CorbeilAssociates, Inc., a loan work-out specialist; Greg Pando of PandoAssociate Inc., an architectural firm; and Dave Dirubbo of AcellaConstruction Corp., a developer. The mission of their firm is as"the lending industry's collaborative solution for assessing newloan requests and mitigating the impact of distressed assetsthroughout New England."

"A lot of the banks I've been dealing with with CorbeialAssociates have been looking for a full-service company," Corbeiltells GlobeSt.com. The banks are looking for work-outs where, inaddition to the monetary necessities, they want to have avalue-added general contractor and a value-added architect to valueengineer the projects that they're taking back, he says. "We formedthis company when we collectively saw the need for a firm thatcould provide workout solutions for financial institutions that mayhave troubled assets on their books," he says.

The main point driven home, as apparent in this economy as anyother, is that banks generally want these unfinished projects withoutstanding loans off their books, but the problem for banks, asCorbeil explains, is a simple one: "They're not landlords, they'renot developers."

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