January 15, 2015
ATLANTA, Jan. 14, 2015 /PRNewswire/ -- Coldwell Banker Commercial Metro Brokers, and partners, The Sternberg Group and First Financial Network, today announced that they have completed the sale of FDIC Loss-Share Loans under Article IV. This consortium of companies partnered to provide the depth of services necessary to bring the loss-share loan portfolio to market. Specific pre-sale services included loan-level underwriting, site visits, loan valuation and FDIC case preparation.
The broadly marketed loan sale consisted of approximately $20 million of performing and non-performing loans acquired by a regional bank in 2009. The loans were offered on an individual basis and were secured by both commercial and residential collateral.
"This transaction is an excellent example of working collectively to navigate a complex process and complete a sale with the approval of the FDIC," said Will Colley, Executive Vice President. "Our loss-share experience and talented loan underwriters created an effective framework to work with the FDIC."
Bliss Morris, CEO of First Financial Network comments, "First Financial Network sold billions in loss-share loans after the S&L Crises in the late 90s. In addition, we have a long-term relationship with FDIC and currently serve as its financial advisor for the valuation, marketing and sale of loans. These unique experiences allow us to provide a depth of understanding regarding the valuation and sale of loans covered by FDIC loss share that is not otherwise available in the marketplace today."
About Coldwell Banker Commercial Metro Brokers
Coldwell Banker Commercial Metro Brokers is one of the top five Coldwell Banker Commercial franchises in the United States. The Financial Institution Practice has managed and sold over $1 billion in UPB of distressed assets for Loss-Share clients since 2010. Coldwell Banker Commercial Metro Brokers is part of Realogy Holdings Corp. Realogy is a global leader in real estate whose franchise system members operate approximately 13,400 offices with more than 250,000 independent sales associates doing business in 105 countries and territories around the world.
About The Sternberg Group
The Sternberg Group is a specialty consulting firm focused on Bank Services, Special Asset Portfolios, and Investment Banking. Based in Atlanta, Ga., the firm's clients consist of banks, private equity funds, and international investors.
About First Financial Network
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries. In addition to loan sales, the company provides loan file imaging and indexing, loan valuation, compliance reviews and due diligence services to banks, agencies of the Federal government, major foreign banks and other lenders. The company's online Loan Sale Network™ platform and Metrics, an integrated due diligence analytics system, are used in conjunction with exceptional marketing techniques to achieve optimal value in today's loan sale market.