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July 21, 2008
- Business Wire
SAN FRANCISCO--(BUSINESS WIRE)-- July 21, 2008: Bridger Commercial Funding’s BankXchange program announced today that it has been retained on an exclusive basis to sell a $42 million pool of performing (mostly floating rate) commercial real estate loans on behalf of a bank client. Twenty three of the 24 collateral properties are in Northern California, which continues to experience a vibrant economy and a robust real estate market. The pool carries an overall loan-to-value of 54%, reflecting disciplined underwriting by the selling bank.
“In spite of today’s tighter credit environment, demand for well underwritten CRE loans remains strong. This is an excellent opportunity for a lender to expediently acquire seasoned, performing loans with attractive economics, and add highly creditworthy assets to their portfolio.” said Bridger Senior Vice President and BankXchange Program Manager, Paul O’Rear.
The selling bank is an experienced and well-respected originator/servicer of commercial real estate loans and is offering two unusual incentives to stimulate bidding. It will accept bids either servicing retained or servicing released to accommodate buyers’ varying requirements on controlling borrower relationships. In addition, the seller will consider offers on portions of the portfolio as well as bids on the entire portfolio, giving prospective buyers the flexibility to sculpt the composition of their asset purchase.
BankXchange plans to accept bids on a “subject to due diligence” basis through Friday, August 1, 2008.
Interested buyers seeking detailed information on this portfolio should contact BankXchange Vice President Michael Malekos at (415) 289-3227, mmalekos@bridgerfunding.com; or Senior Vice President and BankXchange Program Manager Paul O’Rear at (415) 289-3239, porear@bridgerfunding.com.
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