Case | HBS Case Collection | February 1995 (Revised September 1995)

The Bourland Companies

by William J. Poorvu and John H. Vogel Jr.


Michael Bourland, the president of the Bourland Companies, needs to refinance two properties, an office building in southern New Hampshire and a retail property in Massachusetts. He is considering three alternatives: a renewal of a bank mini-perm, a 15-year mortgage from an insurance company, and a new securitized loan offered by the Bank of Boston. The case focuses on issues related to mortgage securitization and how it stacks up against other products in the market. Also raises issues about family real estate businesses.

Keywords: Capital Markets; Property; Mortgages; Family Business; Financial Management; Family Ownership; Real Estate Industry; Massachusetts; North and Central America;


Poorvu, William J., and John H. Vogel Jr. "The Bourland Companies." Harvard Business School Case 395-151, February 1995. (Revised September 1995.)