LIG Assets, Inc. Reduces Mortgage Loan Balance Nearly $2 Million in Effort to Facilitate Refinancing to Lower Rate
DALLAS, Oct. 24, 2013 /PRNewswire/ -- LIG Assets, Inc. (LIGA), a Company focused on residential and commercial real estate, announces a reduction in its primary mortgage balance to facilitate the process of refinancing the residential mortgage to obtain a lower rate. The mortgage balance for the residential assets at LIG Assets as of June 30, 2013 was $16,039,000. During the third quarter of the year this balance was reduced to $14,094,000.
The executive heading that residential real estate business has estimated the current market value at over $20 million. The sources of the paydown include $1,385,000 from the sale of residential assets, $222,000 of cash and $338,000 of renegotiation of the mortgage note.
LIG Assets is also exploring a new business area in which the Company would purchase or finance commercial real estate assets at a discount to market value and lease to own back the property to a qualified operator. LIGA would add value to the transactions by: A) sourcing the financing on hard to finance deals, B) sourcing the financing on discounted asset deals, and/or C) sourcing expert management.
Company executives believe that LIGA's market capitalization does not nearly reflect its current asset value nor potential.
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a Company focused on residential and commercial real estate. Through its alliances with hedge funds, mortgage brokers, and hard money lenders, LIG Assets plans to expand its residential portfolio and increase commercial property transactions. LIG Assets, Inc. currently trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file at www.OTCMarkets.com.
SOURCE LIG Assets, Inc.