Let’s face it – 2020 was an awful year. We all faced unprecedented challenges and heartbreak, seeing so many of our fellow citizens perish, businesses close, and lives disrupted in every imaginable way.
From a business standpoint, it was as challenging an environment as many of us will ever see. American business owners and entrepreneurs watched their thriving businesses shut down, many permanently, as the Covid pandemic crushed so many dreams.
Our company, Legion Capital (Ticker Symbol OTCPK:LGCP), is an Orlando, Florida-based private equity lender. Legion was built on specialized lending to the ever-growing Orlando area housing market, financing early-stage developments throughout the greater central Florida region.
Like many, we had a business that was growing rapidly heading into 2020. We were excited as the new decade dawned, with so much opportunity at hand. Then it hit. In a matter of a few weeks, it all came to a screeching halt. Life stopped, businesses closed – even human interaction ceased.
For months we sat at home, communicating only by phone and computer, running our business by Zoom. And the effect was felt worldwide. At Legion, we were fortunate that our underlying loans and assets were solid, but as we watched the world shut down around us, our bold growth plans were suddenly shrouded in uncertainty. Construction stalled as workers were sent home, new development was halted and scheduled home closings were pushed off. The market demand was still there, but it was like we were all temporarily frozen in time.
Even the giant theme parks sat dark and empty. The fireworks from Mickey Mouse no longer lit up the Orlando night sky.
Then, as June turned to July and the hot Florida summer sun beat down on us, something miraculous happened. Orlando awoke. Lights came on. Earth movers lurched into gear at construction sites and houses started to spring out of the ground. Florida was getting back to business and Orlando housing was leading the way once again. And the rest of the country took notice. In a big, big way. And so was born the Great Florida Migration of 2020.
Orlando is a community that has known growth for many, many years. In fact, imagine this statistic: Greater Orlando has welcomed more than 1,000 new residents, per week, for 60 straight years. We know growth. But this was different, it seemed the entire United States of America was coming to Florida. In addition to great weather, no state income tax and an unparalleled quality of life, Florida now had one other advantage – it was open for business. And that has accelerated an already incredible demand for new housing in central Florida.
At Legion Capital, demand for our financing is greater than ever. The future is very bright as we reap the benefits of what many believe is the #1 housing market in America. As a leading Orlando area specialized lender to early-stage housing development, we see the potential for tremendous growth in the coming months and years.
The Florida sun once again shines bright on central Florida. Business is booming. The Mouse has roared back.
By James Byrd, CEO Legion Capital Corporation
This article may contain “forward-looking statement” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.