New European real estate loan sale website launched
An online residential loan sale site, designed to help institutions sell defaulted loans and homes, has been launched in Europe by US firm Carlton Residential.
New York-based Carlton Chairman Howard L. Michaels said the site will provide European financial institutions and investment funds with a vehicle to sell large amounts of performing, sub and non-performing residential real estate loans and actual deeded homes off their balance sheets.
It aims to provide the buyers of these assets with access to due diligence information to inform their acquisition of institutionally held residential loans secured by houses from defaulted borrowers. The site is also open to individual homebuyers.
The website is at http://www.carltonexchange.com/resi/index.cfm?
A competitive auction process ensures financial institutions receive true market value for their assets through a competitive bid process, which Carlton Residential has been conducting since 1991, when the firm was called Carlton Property Auctions.
Carlton said it has thousands of investor relationships throughout the world, both from money management, from other institutional investors, or local investors located looking to pay a competitive price for loan and residential real estate assets.
Carlton residential executives have provided risk management and dispositions services for over $100bn of residential assets, with previous experience gained at firms like Blackrock, Deutsche Bank, Lehman and Apollo.
“We have some of the brightest and creative residential experts in the world sitting at Carlton”, remarked Carlton partner Michael Campbell. “Our residential experts also have tremendous relationships with investors throughout the world, who are sitting with lots of cash and who are highly motivated to acquire residential portfolios.”
He said Carlton residential experts will work with financial institutions to optimize the sale of the assets including providing detailed valuations and crafting various strategies to either reposition or restructure the loans or create a strategy which will provide the highest possible recovery to its clients.
The website allows institutions, through a password protected confidentiality system, to provide appropriate information pertaining to thousands of residential loan or real estate assets in one central website, where bidders can review all relevant documentation.
After the due diligence and information process, bidders are then encouraged to place their bid, which the financial institution and Carlton will evaluate. Investors can bid on all of the assets being offered or any sub set of assets through the creation of mini pools.