X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the debt and equity markets and the multifamily market .)

NEW YORK CITY-Real estate investment bank Carlton Advisory Services Inc. has been retained by several Wall Street investment and commercial banks to assist them with the marketing and sale of more than $1 billion in troubled real estate loans. The loans are primarily a combination of failed condominium and development projects in the Southeast, sub-performing subprime residential mortgages and small balance commercial mortgages spread throughout the country.

Carlton has previously sold in excess of $7 billion in whole loans for various institutions. This business has picked up tremendously in recent months, according to Thomas McCarthy, managing director at Carlton, who tells GlobeSt.com that the current market climate helps Carlton at this time. “We get people liquidity for their assets,” he adds.

A summary of the pending loan sale transactions are as follows: $120 million of residential subprime loan assets on behalf of a Wall Street investment bank; $16.5-million nonperforming mezzanine loan pertaining to a condominium conversion project for a subsidiary of a top 15 bank holding company; $480-million commercial floating rate pool on behalf of a private finance company; $76 million of residential option ARM loan assets on behalf of a Wall Street investment bank; $21-million nonperforming loan secured by a first lien on a condominium conversion project on behalf of a top 30 bank holding company; $112-million nonperforming development loan portfolio on behalf of a top 25 bank holding company; $106-million nonperforming development loan portfolio on behalf of a top 35 bank; $35-million residential subprime loan portfolio (negotiated transaction between a top 10 bank and a regional niche bank); $20.9 million of residential home equity loans on behalf of a Wall Street investment bank.

McCarthy tells GlobeSt.com that they are unable to disclose who the specific sellers are at this time. He explains that a typical scenario of Carlton markets and sells loans are as follows: “First we put together a secure website with all the loan information, purchase and sale agreements, bid forms etc. We then send out an offering specific to the sale to companies in our database, which is approaching 10,000 names,” he says. “And finally we put together calling campaigns. We provide clients with access to a variety of potential buyers they may not have been able to reach in the past.”

To handle the increased growth of this business and the need for Carlton’s services by financial institutions and lenders, Carlton has hired five whole loan trading professionals to work with the financial institutions and buyers of these assets. These appointments bring the firm’s loan sales advisory group to eight full time individuals.

The five new Carlton loan sale executives are: Jason Kopcak, who prior to joining Carlton was the president and owner of Genesis Mortgage, a 140-person firm in five states; Mark Kreisler, whose most recent experience includes being the CEO and president of Zurich Mortgage Solutions as well as prior experience at Premier Mortgage and Merrill Lynch; Andrew Belew, whose 23 years of combined real estate development, acquisition and experience includes being the director of asset management at Ocwen Financial and Metropolitan Mortgage Securities; Vincent A. White, who prior to being the COO for LEI Mortgage in San Diego, was the director of secondary marketing for Lydian Bank and the VP of secondary marketing for SIB Mortgage; and Justin R. Piasecki, who has been the COO of Zurich Mortgage, as well as a VP for the United Appraisal Network.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.