In early 2003, GM announced that it would put the unit up for sale. Eight months later Deutsche Bank AG was said to be about to pick it up for approximately $1 billion. That deal subsequently fell through. The rationale for selling it then was to give that unit access to more capital than GMAC could provide and also obtain proceeds for GM's other businesses, which include insurance and auto and home loans.
This past January, Atlanta-based Bankers Bank acquired the assets of GMACCM's asset-backed lending division and formed BankersBanc Specialty Finance Group for an undisclosed price. The asset-backed lending division was formed seven years ago as a standalone entity.
GMACCM is a wholly owned subsidiary of GMAC Commercial Holding Corp. In 100 worldwide offices, GMACCM has a servicing portfolio of more than $247.5 billion and provides a variety of financing products and services including permanent, interim, mezzanine and construction lending as well as equity capital for commercial real estate. It also has specialized lending units focused on healthcare, hospitality and construction lending.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
