The
company recently
bought
non-performing notes. These
six notes are attached
as
a result of apartment
complexes, which
are located
within Georgia. The unpaid
balance of
these apartment complexes is approximated
to be $16,611,579.
The buildings
very
delinquent due
to the wrong
marketing tactics and over-leverage. The complexes consist
of 751 rentals
near the Atlanta Metro area.
Shane Baldwin of SilverLeaf said
that the
corporation liked
the collateral
after evaluating
its position
and potential
market
price later
on.
The Southeast market could
have been a plagued
market
for real
estate investors several
years back, it
is really not like
that ever
again. The
present
The Southeast market is watching
a continued
rise
in distressed
debt size.
Last
month a Daily News article claimed
distressed
real
estate in the U.S. now totals $181.1 Billion, an
expansion of $.05 Billion ever
since the second quarter of 2011. They noted
multi-family assets account for $36 Billion of that number. Both CMBS trusts and
U.S. banks have settled
a comparably
small section
of their distressed
debt from a last
year.
The firm is
actually proactive
buyers in the debt market this quarter, while being
in
keeping with their mode of functioning.
Baldwin commented,
"Our investment platform possesses
a strategy wherein
we receive
financial
loans and loan stock
portfolios that are listed
below
the implicit
value. In
the event that we deplete
our work out or reorientating
options, the hope is we own the
real estate at a very
good value."
This newest
purchase brings SilverLeaf Financial's purchase
total to $647 Million of face value non-performing notes since
company's creation.
As part of the firms ongoing
center
on commercial
real estate related debt opportunities, SilverLeaf intends
to invest
in additional
loans that match
up their opportunistic strategy.
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