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Barnett Mortgage Trust was a Real Estate Investment Trust (REIT) organized in March 1970 that began operations on April 22, 1970. Guy W. Botts, President of Barnett Banks of Florida, Inc., was also President of Barnett Mortgage Trust. The Trust's primary investment objective is in making construction loans and land development first mortgage loans. Handling the Trust's investment affairs was Barnett Mortgage Advisors, Inc., a wholly-owned subsidiary of Barnett Banks of Florida, Inc., the Jacksonville-based registered bank holding company.
The United State Congress created Real Estate Investment Trusts (REIT's) in 1960 to stimulate investment in real estate. REIT's are usually divided into two categories: equity trusts, which buy income producing properties and hold them for relatively long-term periods, and mortgage trusts, which stress short-term construction loans, development loans, and permanent mortgages.
The credit crunch of the late 1960s created a shortage of funds among the traditional sources of mortgage loans and REIT's rapidly expanded to fill the need for mortgage credit. However, the 1974 oil embargo, the onset of a severe economic recession, and double-digit interest rates combined to adversely affect the Florida real estate market. As the market collapsed and real estate projects defaulted, the REIT's suffered huge losses. Barnett Banks of Florida, Inc. stock plummeted, which severely affected Barnett's acquisition program for several years.
Summary:
This collection documents the operations and activities of Barnett Mortgage Trust through correspondence, minutes, news releases, monthly operating reports, meeting agendas/programs, quarterly reports, company travel information, portfolio reviews, publicity notices, Securities and Exchange Commission reports, and other similar financial records. The records in the collection document the growth of Barnett Mortgage Trust as a prominent financial institution and its collapse in 1974 as the Florida real estate market suffered a serious recession.
Of interest are the folders containing information about Barnett Mortgage Trust's Annual and Quarterly Meetings. Together these folders reveal Barnett Mortgage Trust's mission, objectives, and projected growth. There are also minutes of the Executive Committee from various meetings, which further unveil Barnett Mortgage Trust's operations, procedures, and history.
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This collection was arranged and described from materials obtained from Barnett Banks, Inc. when the Barnett Bank records were transferred to the Florida State Archives between 1999 and 2002.
Electronic Records Access:
Subject Access Fields:
Botts, Guy Warren, 1914-1993
Banks and banking History Florida. Financial institutions Real estate investments. Real estate investment Florida. Real estate investment trusts Florida.
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