SALE ANNOUNCEMENT $15,824,495 PERFOMING LOAN PORTFOLIO SMALL BALANCE LOAN PORTFOLIO SALE

Size: px

Start display at page:

Download "SALE ANNOUNCEMENT $15,824,495 PERFOMING LOAN PORTFOLIO SMALL BALANCE LOAN PORTFOLIO SALE"

Suzanna Black
6 years ago
Views:

1 SALE ANNOUNCEMENT $15,824,495 PERFOMING LOAN PORTFOLIO SMALL BALANCE LOAN PORTFOLIO SALE MAY 2018

2 Related Property Types: Multifamily (78.3%), Industrial/Office/Retail (8.5%), Other (13.2%) Location: Performance: Concentration in California (79.9%); AZ, NM Performing Overview $15,824,495 Small Loan Portfolio Sale (the Asset Sale ) conducted by Mission Capital Advisors, LLC ( Mission or Asset Sale Advisor ) on behalf of an unidentified Seller ( Seller ). Sale Structure Mission has been retained as the exclusive Asset Sale Advisor to the Seller for the sale of a portfolio of loans relating to commercial and residential property located in the Western United States with a concentration in California (the Portfolio or Assets ). The Assets are being offered on a sealed bid basis. On behalf of the Seller, Mission is initially soliciting indicative bids from prospective bidders (the Prospective Bidders ) for the purchase of: the entire Portfolio pursuant to the Loan Sale timeline attached hereto. Mission Capital, in conjunction with the Seller, and at the sole and absolute discretion of the Seller, will then invite multiple final bidders (the Final Bidders ) to complete due diligence and submit non-contingent bids for the Assets. Loan Sale Timeline Highlights & Sale Summary The Loan Sale offers Prospective Bidders the opportunity to acquire performing Loans relating to various commercial and residential real estate located in the Western United States. The Portfolio consists of 39 performing loans acquired via an assisted takeover of a failed bank from the FDIC. The Portfolio is predominantly related to multifamily properties (78.3% by balance) and located in California (79.9% by balance). The Portfolio has a weighted average coupon of 4.9%, weighted average origination in 2005, and a weighted average maturity in The average balance of the Portfolio is $405k and the largest loan is $2.34mm. Detailed Portfolio stratifications may be found in Exhibit A (pg. 6-8). The transaction contemplated herein has been scheduled as follows: Event Sale Announcement Distributed Wednesday, April 18, 2018 Initial Data Distribution Friday, April 20, 2018 Indicative Bid Wednesday, May 2, 2018 Best & Final Bid Wednesday, May 23, 2018 Winning Bidder Selected Thursday, May 24, % Non-Refundable Deposit Due Friday, May 25, 2018 Closing on or Before Friday, June 1, 2018 P2

3 Sale Structure Prospective Bidders are subject to qualification by Mission and/ or Seller (qualification process will be initiated by Mission as deemed necessary). Access to the Due Diligence Materials will be provided to Prospective Bidders solely at the discretion of Mission and/or the Seller and may be withheld for any reason. The Seller, in conjunction with Mission, have prepared a comprehensive array of due diligence data (the Due Diligence Materials ), which will be made available to Prospective Bidders that have executed, and are subject to the terms of, the Confidentiality Agreement (the Confidentiality Agreement ), which can be accessed on the transaction offering or by visiting Included in the Due Diligence Materials will be an Offering Memorandum for the Assets (the Offering Memorandum ) prepared by Mission, comprehensive bidding instructions, the terms of sale and the Seller s required form of Asset Sale Agreement for Sale and Purchase of Assets (the Loan Purchase Agreement ). Mission is initially soliciting indicative bids for the Assets. Prospective Bidders are encouraged review the Due Diligence Materials and submit indicative bids in accordance with the proposed timeline. After receipt of indicative bids, Mission, in conjunction with the Seller, will select Final Bidders to complete final due diligence before submitting non-contingent offers on the Final Bid (the acceptance of which by Seller will require immediate execution of pre-negotiated Loan Purchase Agreement by Prospective Bidder accompanied by a 10% non-refundable wire funds deposit). Additional information will be provided to Bidders via Mission s online due diligence site. Such information may include detailed loan documents, pay histories, environmental reports, litigation documents (if applicable), and financial statements, in both computer file and imaged formats. Please e-sign or return an executed Confidentiality Agreement to Mission Capital at nda@missioncap.com. PLEASE NOTE THAT E-SIGNATURES WILL BE PROCESSED IN TOP PRIORITY WHILE SIGNATURES ARE PROCESSED AT THE END OF EACH BUSINESS DAY. All inquiries should be directed through Mission Capital. Neither the Seller, Borrower, Borrower affiliates nor Guarantors are to be contacted. Investors are required to strictly adhere to the terms of the Confidentiality Agreement. Loan Purchase Agreement The Seller will make its required form of Loan Purchase Agreement available to Final Bidders. Pursuant to the Loan Purchase Agreement, the Seller is selling its Assets subject only to those representations and warranties explicitly stated in the Loan Purchase Agreement. No other representations or warranties, either expressed or implied, shall apply. No obligation to sell shall be binding on Seller unless and until a Loan Purchase Agreement is signed and delivered by Seller and Seller has received the earnest money in accordance with the Loan Purchase Agreement. P3

4 Related Property Map Los Angeles, CA and Surrounding Area LOS ANGELES Stockton, CA Phoenix, AZ STOCKTON PHOENIX Gallup, NM ALBUQUERQUE Office Multifamily Industrial Single Family Residential Church Retail Medical / Clinic P4

Contact Information MISSION CAPITAL ADVISORS, LLC Chad Coluccio Managing Director ccoluccio@missioncap.com 949-706-3001 Michael Britvan Managing Director mbritvan@missioncap.

5 Contact Information MISSION CAPITAL ADVISORS, LLC Chad Coluccio Managing Director Michael Britvan Managing Director Kyle Kaminski Director Don Pavlov Associate Due diligence information can be found in the data room at market.missioncap.com Disclaimer: NO OBLIGATION TO SELL SHALL BE BINDING ON SELLER UNLESS AND UNTIL A WRITTEN CONTRACT OF SALE OR PURCHASE AND SALE AGREEMENT IS SIGNED AND DELIVERED BY SELLER. THE SELLER RESERVES THE RIGHT, AT ITS SOLE AND ABSOLUTE DISCRETION, TO WITHDRAW THE ASSET FROM THE ASSET SALE, AT ANY TIME. THIS SALE ANNOUNCEMENT HAS BEEN PREPARED TO ASSIST THE RECIPIENT IN DECIDING WHETHER TO PROCEED WITH FURTHER INVESTIGATION OF THE ASSET. WHILE THE INFORMATION INCLUDED HEREIN IS BELIEVED TO BE ACCURATE AND RELIABLE, SELLER, MISSION AND THEIR RESPECTIVE SUBSIDIARIES, AFFILIATES, AGENTS, ASSIGNEES, OFFICERS, TRUSTEES, DIRECTORS, SERVICERS AND EMPLOYEES MAKE NO REPRESENTATIONS OR RRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION, INCLUDING BUT NOT LIMITED TO THE VALIDITY OR PRIORITY OF ANY LIENS AND THE VALUE OF ANY COLLATERAL. ONLY THOSE REPRESENTATIONS AND RRANTIES THAT ARE MADE BY THE APPLICABLE SELLER TO A PROSPECTIVE BIDDER IN A DEFINITIVE, EXECUTED ASSET SALE AGREEMENT SHALL HAVE ANY LEGAL EFFECT. NEW YORK 41 Madison Avenue 35th Floor New York, NY Tel: Fax: CALIFORNIA 620 Newport Center Dr Suite 680 Newport Beach, CA Tel: Fax: ALABAMA 118 North Royal Street 7th Floor Mobile, AL Tel: Fax: FLORIDA 4741 Military Trail Suite 202 Jupiter, FL Tel: Fax: TEXAS 1120 S. Capital Texas Hwy Suite 150 Austin, TX Tel: Fax: P5

6 Exhibit A - Portfolio Stratifications MCA Status Count % Count UPB % UPB Orig % Performing % $15,824, % $405,756 $26,161,700 1/10/05 9/19/31 4.9% 100.0% Vintage Count % Count UPB % UPB Orig % Pre % $1,130, % $94,244 $5,413,700 10/9/97 9/8/21 5.5% 100.0% % $7,241, % $517,224 $10,868,000 6/15/04 10/14/30 4.2% 100.0% % $1,576, % $394,112 $2,155,000 10/16/05 4/4/34 5.4% 100.0% % $3,992, % $798,598 $5,290,000 3/7/06 8/11/34 5.6% 100.0% % $1,882, % $470,747 $2,435,000 7/3/08 1/24/33 5.0% 100.0% Rate Bucket Count % Count UPB % UPB Orig % 2.01% % 3 7.7% $3,889, % $1,296,455 $5,760,000 5/14/04 6/4/34 3.0% 100.0% 3.01% % % $255, % $63,756 $1,198,800 5/26/95 11/3/23 3.6% 100.0% 4.01% % % $2,531, % $316,431 $3,709,000 6/10/05 6/9/34 4.6% 100.0% 5.01% % % $6,762, % $450,821 $11,940,400 10/16/05 2/20/33 5.5% 100.0% 6.01% % % $1,988, % $331,461 $2,827,000 9/28/04 6/23/21 6.5% 100.0% > 7.00% 3 7.7% $397, % $132,527 $726,500 6/17/03 1/5/20 7.9% 100.0% Payment Type Count % Count UPB % UPB Orig % P&I % $15,824, % $405,756 $26,161,700 1/10/05 9/19/31 4.9% 100.0% Bucket Count % Count UPB % UPB Orig % $0,000 - $200, % $1,077, % $76,980 $5,503,700 6/1/98 1/20/24 5.6% 100.0% $200,000 - $400, % $3,333, % $277,768 $4,853,000 4/23/05 12/30/30 5.5% 100.0% $400,000 - $600, % $3,036, % $506,043 $4,212,000 11/18/05 7/12/30 5.4% 100.0% $600,000 - $800, % $1,299, % $649,755 $1,733,000 3/11/05 9/25/27 6.0% 100.0% $800,000 - $1,000, % $1,688, % $844,124 $2,400,000 7/12/06 1/20/32 4.0% 100.0% > $1,000, % $5,389, % $1,796,513 $7,460,000 3/9/05 3/22/35 4.1% 100.0% P6

7 Exhibit A - Portfolio Stratifications Recourse Count % Count UPB % UPB Orig % No % $10,970, % $365,670 $17,042,300 1/10/05 9/17/31 5.1% 100.0% Yes % $4,854, % $539,378 $9,119,400 1/10/05 9/25/31 4.4% 100.0% Related Property Type Count % Count UPB % UPB Orig % Multifamily % $12,394, % $442,652 $18,841,300 9/12/04 8/10/32 4.7% 100.0% Medical / Clinic 2 5.1% $1,020, % $510,138 $1,500,000 1/6/06 2/1/31 5.5% 100.0% Church 1 2.6% $844, % $844,003 $1,100,000 12/11/08 12/11/29 5.1% 100.0% Industrial % $704, % $140,844 $3,485,400 10/9/02 2/10/19 6.5% 100.0% Retail 1 2.6% $534, % $534,007 $725,000 1/25/08 2/1/33 4.9% 100.0% Single Family Residential 1 2.6% $222, % $222,183 $300,000 6/28/04 7/1/34 5.8% 100.0% Office 1 2.6% $105, % $105,554 $210,000 9/19/03 10/1/18 7.5% 100.0% State Count % Count UPB % UPB Orig % CA % $12,636, % $341,515 $22,061,700 7/22/04 1/4/31 4.8% 100.0% AZ 1 2.6% $2,344, % $2,344,421 $3,000,000 2/26/06 3/1/36 5.5% 100.0% NM 1 2.6% $844, % $844,003 $1,100,000 12/11/08 12/11/29 5.1% 100.0% P7

SALE ANNOUNCEMENT $55,682,944 LOAN & JUDGMENT PORTFOLIO SALE NON-PERFORMING AND PERFORMING - NATIONWIDE

SALE ANNOUNCEMENT $55,682,944 LOAN & JUDGMENT PORTFOLIO SALE NON-PERFORMING AND PERFORMING - NATIONWIDE APRIL 208 Collateral: Location: CRE, C&I, Resi, Land, Unsecured AL, FL, GA, MD, MX, NC, NJ, NY, SC,