BankXchange Closes $55 Million in Commercial Mortgage Loan Sales.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Dec. 23, 2002 Bridger Commercial Funding announced today it arranged the sale of $55 million in commercial real estate loans in two transactions through its BankXchange loan sales program. A southeastern-based commercial bank engaged BankXchange to sell a $33 million loan secured by a stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. Class A medical office complex in Phoenix, AZ. Additionally, the mortgage subsidiary of a Fortune 500 company retained BankXchange to sell a $22 million portfolio consisting of 14 loans secured by properties in California and Arizona. These two transactions cap-off an excellent year for BankXchange's first full year of operations. Bridger CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bob Schonefeld noted that, "The banking community's reception of the BankXchange program has been extremely favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. . BankXchange provides our bank clients with access to over 900 banking institutions across the country. We have positioned BankXchange as the one-stop shop One-Stop Shop A company or a location that offers a multitude of services to a client or a customer. The idea is to provide convenient and efficient service and also to create the opportunity for the company to sell more products to clients and customers. for bankers to buy or sell commercial real estate debt. In 2003, we are adding additional resources to fuel our expansion." "The Arizona sale was a classic example of our seller using BankXchange to actively manage its commercial real estate concentration," stated Paul O'Rear, Bridger SVP SVP S'il Vous Plaît (French: Please) SVP Senior Vice President SVP Schweizerische Volkspartei (Swiss People~s Party) SVP Society of Vertebrate Paleontology SVP Social Venture Partners SVP St Vincent de Paul and head of the BankXchange program. "The Seller faced an internal single-borrower cap, limiting further growth in the relationship. BankXchange allowed the bank to cement the relationship and extend additional credit to a key client." "This engagement presented unique and complex marketing challenges due to the non-recourse and loan-to-value characteristics," O'Rear added. "The Seller was open to selling the whole loan or participations, and received several offers from banks for both structures. The BankXchange effort allowed the Seller to review multiple options and choose the best course of action to enhance pricing and balance sheet considerations," O'Rear explained. "The $22 million portfolio sale represented the Seller's remaining mortgage portfolio, enabling it to meet its objective of exiting the mortgage business by year-end. The multiple bids through BankXchange and speed of the sale process enabled the seller to far exceed its price expectations as well as meet its timing objectives," O'Rear reported. Bridger Commercial Funding is the leading commercial real estate capital markets resource serving the U.S. banking industry, with over 900 bank relationships nationwide. Bridger's innovative products and technology applications help banks maximize their risk-adjusted returns Risk-Adjusted Return A measure of how much risk a fund or portfolio takes on to earn its returns, usually expressed as a number or a rating. Notes: This is often represented by the Sharpe Ratio. The more return per unit of risk, the better. by accessing the secondary mortgage market. Bridger's commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. (CMBS CMBS See: Commercial Mortgage Backed Securities ) loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. program enables banks to boost financial performance by generating substantial fee income while retaining and enhancing borrower relationships. In addition, Bridger's BankXchange(TM) program optimizes banks' loan portfolio risk profiles and returns by facilitating purchases and sales of loan portfolios, whole loans and participations. Through a growing network of over 3,100 commercial loan officers nationwide, Bridger is commercial real estate banking's premier provider of secondary market origination and trading solutions. |
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