Aged Asset Portfolio SaleGeorgia
- A bank was burdened with a large number of nonperforming assets that had been on its books as REO for more than two years, tying up valuable human and financial capital.
- The assets were small (average appraised value under $500,000), scattered across the state of Georgia and comprised disparate property types.
- Despite being actively marketed by local brokers, the assets attracted very little interest from prospective buyers at any price.
- Through careful preparation and presentation of a portfolio that included 123 different properties, Roseview successfully created a market for these assets where there had been none. More than a dozen bids were procured for the portfolio. An aggressive timeline for due-diligence was set and the sale closed on schedule with no re-trading, at a price that exceeded the client’s expectations.
- One key to the success of this transaction was Roseview’s investment of considerable resources up front to gather, analyze and package data on the assets in a way that would greatly facilitate accelerated buyer due-diligence.
- Roseview also conducted detailed asset underwriting to develop a clear view of the range of market value before going to market, set expectations for the client and ensure that the transactions would have the ability to move quickly.
- The strategy used during this deal has been successfully repeated by Roseview in several other portfolio sales.