Carlton Chairman Howard L. Michaels announced the launching of a brand new residential loan sale site called “Carlton Residential,” which will provide European financial institutions and investment funds with an incredible vehicle, which will allow them to sell large amounts of performing, sub and non-performing residential real estate loans and actual deeded homes off their balance sheets.
The new “Carlton Residential” website, Carlton Exchange provides the buyers of these assets with incredible access to tremendous amounts of due diligence, which will facilitate their acquisition of large amounts of institutionally held residential loans secured by houses from defaulted borrowers.
The “Carlton Residential” website will offer the investment community the ability to buy the residential loans and houses in bulk and can also be setup where individual homebuyers can bid to buy actual houses.
Moreover, the Carlton competitive auction process ensures financial institutions of receiving true market value for their assets through a competitive bid process, which Carlton has been conducting since 1991 when the firm was called Carlton Property Auctions. In addition, Carlton possesses thousands of investor relationships throughout the world, both from money management and various other institutional investors who are looking to acquire assets in bulk or local investors located proximate to the assets who are looking to pay a competitive price for loan and residential real estate assets.
Moreover, Carlton residential executives have provided risk management and dispositions services for over $100 billion of residential assets during their careers at Carlton, Blackrock, Deutsche Bank, Lehman and Apollo. “We have some of the brightest and creative residential experts in the world sitting at Carlton”, remarked Carlton partner Michael Campbell. “Our residential experts also have tremendous relationships with investors throughout the world, who are sitting with lots of cash and who are highly motivated to acquire residential portfolios.”
In addition, Carlton residential experts will also work with financial institutions to optimize the sale of the assets including providing detailed valuations and crafting various strategies to either reposition or restructure the loans or create a strategy which will provide the highest possible recovery to its clients. Carlton also offers vendor and asset management services to provide financial institutions with a comprehensive array of services, which ultimately will enhance recovery for its institutional clients.
The “Carlton Residential” website allows institutions, through a password protected confidentiality system, to provide appropriate information pertaining to thousands of residential loan or real estate assets in one central website, where bidders can review all relevant documentation. After the due diligence and information process, bidders are then encouraged to place their bid, which the financial institution and Carlton will evaluate. The Carlton website offers investors the opportunity to bid on all of the assets being offered or any sub set of assets through the creation of mini pools. Also, in certain instances Carlton can adapt its website, so the bank can sell individual loan or real estate assets directly to purchasers.