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In the past, SilverLeaf would make their bids, and use their own funds to pay the 10% deposit that is required by the FDIC bid award winners. Baldwin said, “We would raise the money ‘deal specific,’ and that can be very stressful because the deals would have to be closed inside of 10 days. We now feel we have a very significant track record with proven success, and we are seeking commitments from accredited investors and institutional investors beforehand, so that we don’t have to scramble when it comes time to close and purchase the loans.”
This new strategy will allow SilverLeaf to more readily access the needed funds in a streamlined manner to make the process more systematic. Baldwin goes on to say, “We are talking with several other private equity funds, and hedge funds that are interested in partnering/investing with us. We have yet to make a decision on who that will be. We are still looking for that particular partner. Once we get to that point we can more readily access the needed funds.”
Thus far, SilverLeaf has been awarded 11 pools consisting of 17 loans from the FDIC. 10 of these 17 loans have been successfully worked out while the remainder are in the process, totaling 80 Million in face value notes from the FDIC, and other financial institutions.
SilverLeaf has been very successful in maintaining a constant flow of performing and non-performing first position loan pools from the FDIC. Before they purchase these targeted loan pools, SilverLeaf quickly and efficiently conducts their due diligence. They do this by researching the individual loan file documents, property addresses, loan collection history, collector’s notes, status of any legal action and any historical or current appraisal information. “Once we’ve determined which loan pools we will place bids on, and we complete our due diligence, we aggressively formulate our game plan to monetize each of the acquired loans prior to purchase,” said Cary Clark, SilverLeaf’s Chief Operations Officer.
SilverLeaf’s exit strategies include assisting the borrower in the refinancing process through various available programs, obtaining a Deed in Lieu of Foreclosure and taking prompt possession of the underlying collateral, managing the foreclosure process to expedite monetization when necessary, and aggressively pricing and marketing the foreclosed property, targeting a 30 to 60-day fire sale.
About SilverLeaf
Headquartered in Salt Lake City, Utah, SilverLeaf Financial is a private equity firm that focuses on purchasing pools of performing and non-performing, 1st deed of trust loan pools from the FDIC for the purpose of prompt monetization. For more information visit the SilverLeaf Financial web site: http://www.SilverLeaf-Financial.com.
SilverLeaf Financial video: http://www.youtube.com/watch?v=X0vxPrEvevc
Other press releases from SilverLeaf Companies
- SilverLeaf Financial Acquires 10.2 Million in Commercial Loans in Ohio - November 17th, 2009
- SilverLeaf Financial Acquires $30 Million in Commercial Paper in the Month of September - October 13th, 2009
- SilverLeaf Financial Acquires Loans in Jacksonville, FL and Farmington, UT - September 23rd, 2009
- SilverLeaf Financial Acquires More Commercial Assets in Massachusetts and California - August 31st, 2009
- SilverLeaf Seminars Is Giving Away a House - August 28th, 2009
- SilverLeaf Financial Discusses Their Purchase of 321 Single-Family Residential Mortgages - July 22nd, 2009
- SilverLeaf Puts 321 Single-Family Notes Up for Sale to the Public - July 22nd, 2009
- SilverLeaf Financial Acquires 321 Single-Family Mortgages from Loans Originated by GMAC - July 13th, 2009
- SilverLeaf Financial to Be a Panel Participant in the IMN Forum in New York City - May 14th, 2009
- With the Slow Real Estate Market, Why Are More Agents Joining SilverLeaf Realty? - May 14th, 2009
Contact Information
Campbell DoschTitle: VP of Public Relations
SilverLeaf Companies
Salt Lake City, UT
Phone: (801) 413-4702
Email: Campbell@silverleafcompanies.com
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