Mike McCormack, a 40-year veteran of the real estate industry, has been named executive vice president of the Alaska Financial Company III LLC.
Alaska Financial is a $50 million real estate investment fund specializing in the purchase of first trust deeds they pool as collateral for their investors who receive secured notes on fixed income quarterly payments.
McCormack began his career in Hawaii, where he was a prominent developer involved in real estate sales and multiple property developments. Fifteen years ago, he came to Santa Barbara and was instrumental in developing Oak Creek Canyon in Montecito. He now operates his advisory firm, McCormack Pacific Ltd.
In his new role, McCormack will project Alaska’s promise of certainty for accredited investors with fixed income returns. Returns of 7 percent were paid quarterly for the past 10 years.
“I’m enthusiastic about Alaska Financial because it’s available to investors in a form that’s transparent and simple to understand,” McCormack said. “To predict with reliability your future income of 7 percent in a fixed rate of return in this volatile market, is really gratifying; it’s actually comforting.”
Born and raised in Hawaii, McCormack is a graduate of Punahou School and Santa Clara University. He launched his development career in Hawaii after statehood and expanded the business into multiple residential and commercial projects throughout Hawaii.
Mike McCormack Realtors became Hawaii’s largest real estate brokerage company in 1987, when he launched the Coldwell Banker McCormack franchise. In 1995, McCormack Properties developed the prominent Harbor Court Hi rise on the waterfront in downtown Honolulu.