WHO WE ARE
Andes Business Advisors is a firm that acts as a bridge between borrower and lender to allow them to reach an outcome they have not been able to reach themselves. Andes can do that because we know the issues – why the borrower is having cash flow issues and what lenders need in a work out – that can resolve the issue quickly. For both borrowers and lenders, our experience allows us to cut right to the chase.
Who We Are Not
Beware of companies that don’t disclose their fees, want to debit your checking account, collect payments on your behalf or require you to give them a substantial sum of money before they attempt to settle your loan. Down payments, monthly payments and direct debits are customary parts of an agreement with your lender, but never with these characters.
Before you sign any contract, read it. Watch out when they charge huge fees like 25% or more of the debt. Watch out for Eggos, or waffle words and phrases like “we may, we might, we strive, we try, we estimate,” and “we reasonably feel.” Translation – they have no obligation to do anything. Except take your money.
At Andes, we are transparent. Both borrower and lender know the terms of any deal, which is in a written agreement between the parties. We are never party to the contract. We simply work for a modest hourly fee.
Why Call Us
Our managing member, Paul Devereaux, is recognized as one of the premier workout professionals in the Washington, DC area, having collected over $25 million in cash for a series of community banks over the past six years. He also has long experience in owning and running small businesses.
At Cardinal Bank in McLean, VA, Mr. Devereaux reduced non-performing assets to $0 for all of 2016 and recovered in full more than $1 million in charged-off loans. Cardinal reduced its loss provisions by more than $2 million during Paul’s tenure and was sold at a significant premium to United Bank.
At Bank Annapolis, Paul managed the workout department and reduced 30+ day delinquency by 50% and reduced the Special Assets portfolio by 25%. His results allowed the bank to lower its loss provision by $800M annually. BankAnnapolis was sold to 1 st National Bank of Pennsylvania at a significant premium.
As an entrepreneur – Paul was president of Health Charge Corp., a provider of private label credit card services to hospitals nationwide, including Cedars-Sinai, New York Presbyterian and Johns Hopkins. Under his leadership the firm added 22 new hospital clients, grew the credit card portfolio from 6,000 to 11,000 accounts and took the company from a $400M per month loss to break even in seven months.
Paul subsequently purchased a laundromat and transitioned that into a commercial laundry service. The portfolio of clients grew to more than 10 hotels, a series of yoga studios and other businesses. Monthly revenues increased from $5,000 to $30,000 within two years.
Early in his career Paul was a principal at Devereaux Chevrolet and then held management positions at Don Allen Chevrolet. At Don Allen, Paul designed an inventory ordering system that helped increased new vehicle sales by 10% in one year and doubled truck sales within 90 days.