Loan Sales Take Off
Loan sales represent a large volume of the distressed asset transactions that have been closing so far in 2010. Lenders and special servicers’ decisions to hold or sell specific loans are generally based on a net present value (NPV) analysis of each asset. This critical analysis accounts for the respective costs to the lender if the loan is held or acquired as REO; the capital required to then stabilize and manage the asset; and the time required to foreclose (in some states, this can be longer than a year). With certain markets and asset values of some property types continuing to deteriorate, the conclusion is often that a loan sale makes more sense to the lender than a hold.
NAI Global and First Financial Network (www.ffncorp.com) have a strategic alliance that leverages NAI’s global presence in real estate sales and FFN’s unparalleled experience in the loan sale sector to support all asset disposition needs. First Financial Network helps institutions manage risk and enhance financial performance by gaining maximum value on their portfolios through comprehensive, customized loan sale services. Whether a one-off trade is the objective or the sale of a portfolio consisting of multiple loans is required, FFN consistently maximizes value through portfolio analysis, loan valuation, due diligence management, bid package preparation, document imaging, target marketing, closing, transfer and post-closing activities. In addition, NAI Global adds great value to the partnership by providing local market intelligence through its 5,000 brokers in 325 offices in 55 countries.
FFN’s detailed valuation analyses and loan sale transactions are executed by industry recognized senior professionals with an average tenure of 20 years of loan sale experience serving national, regional and local banks, CMBS special servicers, private capital lenders and the FDIC. FFN’s dedicated loan sale professionals have closed billions of dollars in performing and non-performing residential, commercial, land and consumer loans in over 28 countries.
Through the efforts of the NAI/FFN team, FFN is bringing to market a $1 billion performing and non-performing loan portfolio, secured by commercial real estate, C&I, land and residential developments on behalf of a major financial institution. The collateral for these loans is located primarily in the Southeastern US. And, the transaction is scheduled to close by the end of September. If you have questions about this offering, please contact First Financial Network at 405.748.4100.
Gerald Monash, CCIM is Executive Vice President at NAI Global. Jerry leads NAI’s Investment Services Group and is a loan sales specialist on NAI’s Special Asset Solutions team.
About the author
NAI Global is the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 5,000 professionals and 325 offices in 55 countries throughout the world. NAI professionals work together with our global management team to help our clients strategically optimize their real estate assets. NAI offices around the world complete over $45 billion in transactions in a typical year. We also manage over 200 million square feet of commercial space. In 2009-2010, NAI Global received top industry rankings and honors: Named Global Broker of the Year by Private Equity Real Estate magazine Ranked # 1 Network and #3 Overall Corporate Services Provider in Watkins Research Group Survey of Corporate Real Estate Executives Ranked #4 on Lipsey’s Top 25 Real Estate Brands Ranked #6 on National Real Estate Investor magazine’s Top 25 Brokerage Organizations NAI Global is based in Princeton, New Jersey. A dedicated 70-person staff, strategically positioned around the world, provides management, technology, marketing and corporate services support to its network of real estate offices.
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