BankXchange Sells $78.6 Million in Commercial Real Estate Loans15 July 2005
Bridger Commercial Funding announced today that it arranged the sale of $78.6 million in a single portfolio of commercial real estate loans through its BankXchange(R) loan trading program. The portfolio came from a west-coast based commercial bank that engaged BankXchange to sell 90% participation interests in the loans, while retaining servicing. The loans sold at prices acceptable to both parties.
"By capitalizing on our network of almost 5,000 banking contacts throughout the country and our knowledge of their loan acquisition requirements, we quickly came up with the most qualified buyer," stated Bridger CEO Bob Schonefeld. "We found the optimal purchaser for the portfolio and closed the transaction within record time. The portfolio consisted of 19 loans with balances ranging from $800,000 to $12.6 million and was geographically diverse in several major metropolitan areas." Both the buyer and seller were motivated to consummate a transaction before quarter end.
"This is the fifth commercial real estate portfolio sale we have facilitated for this particular seller," said Michael Malekos, Vice President of Bridger and BankXchange(R) program manager. "Our ability to present, substantiate, and achieve true market value for their commercial real estate loans keeps them coming back. In this instance," Malekos observed, "the seller was able to realize significant embedded profits from existing loans that they choose to harvest through a strategic quarter-end sale."
Malekos went on to state, "We continually receive calls from bankers interested in discussing how BankXchange can assist them to actively manage their commercial real estate portfolio. Bankers are utilizing BankXchange's loan sale platform and advisory services to help them alleviate financial, regulatory and competitive pressures. And, in today's economic environment, bankers are taking a closer and more serious look at potential portfolio risks and concentration issues in their commercial real estate loans."
BankXchange(R) matches qualified commercial mortgage buyers and sellers among banks throughout the country. It expedites loan sales by combining its online loan analytics with personalized marketing efforts through a nationwide sales force.
Bridger Commercial Funding's BankXchange(R) program is a loan-trading platform facilitating sales and acquisition of commercial-real-estate debt. BankXchange is the banking industry's commercial-real-estate-loan marketplace. BankXchange's relationship managers assist property-lending and risk-management executives at over 2,200 financial institutions nationwide to buy and sell portfolios, whole loans and participations. For additional information, contact Michael Malekos at 415-289-3227 or e-mail him at mmalekos@bridgerfunding.com.
Source: Business Wire
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