BankXchange Sells $14.9 Million in Chicago Multifamily Loans.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--Dec. 17, 2003 Bridger Commercial Funding announced today that it arranged the sale of two multifamily loan portfolios totaling $14.9 million through its BankXchange(TM) loan trading program. The Seller was an Illinois-based institution that had reached its loans-to-one-borrower limit with a key client. "We were able to provide the Seller with a strategic solution to its borrower concentration issue," said Mike Malekos, vice president of BankXchange. BankXchange orchestrated or·ches·trate tr.v. or·ches·trat·ed, or·ches·trat·ing, or·ches·trates 1. To compose or arrange (music) for performance by an orchestra. 2. the loan sale closings to occur simultaneously with the Seller funding each portfolio, enabling the Seller to immediately resolve its borrower concentration. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bob Schonefeld, Bridger's 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. , the characteristics of the loans in each portfolio were sufficiently different to appeal to separate buyers. "While there was a common sponsor, one set of loans was structured on an interest-only basis with a variable interest rate, while the other set amortized with a fixed interest rate. We found the optimal purchasers for each portfolio, with both sales achieving overpar pricing." "It continues to be a seller's market due to lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. new 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. volume throughout banking," Malekos observed. "Many banks have significant embedded Inserted into. See embedded system. profits in their existing loans that they might want to harvest through strategic sales of whole loans or participations early in 2004 before rate increases erode those gains." Bridger is the U.S. banking industry's leading provider of commercial real estate capital and balance sheet management services, supplying permanent loan origination and seasoned debt trading capabilities to over 1,200 banks and 3,800 loan officers nationwide. Bridger provides banks ready access to the secondary mortgage market as a balance sheet management strategy that efficiently reallocates risk. Through the company's CMBS CMBS See: Commercial Mortgage Backed Securities loan origination program, banks boost financial performance by generating substantial fee income while retaining and enhancing borrower relationships. In addition, Bridger's BankXchange(TM) platform optimizes banks' loan portfolio risk profiles and returns by facilitating purchases and sales of loan portfolios, whole loans and participations. |
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