DebtX, one of the nation’s largest loan sale advisors for commercial debt, said today it will sell more than $548 million of loans for 14 financial institutions in September — its highest monthly sales total since the company was founded in 1999.
“DebtX continues to benefit from the increasing number of financial institutions that are turning to loan sales to actively manage their loan portfolios and the underlying revenue stream generated by those assets,” said DebtX CEO Kingsley Greenland. “We expect transaction volume to grow further throughout remainder of the year as sellers seek to strengthen their balance sheets before the close of 2002.”
Greenland noted that DebtX is well positioned to meet its goal of selling more than $1.0 billion of debt in 2002. For all of 2001, DebtX executed $400 million in sales for 27 separate clients.
In September, DebtX will sell the following assets:
— $198 million of performing residential real estate loans in the U.S. in conjunction with Deloitte & Touche on Sept. 12th
— $260 million of judgments, deficiencies and charge-offs on Sept. 17th
— $73 million of performing, non-performing and sub-performing commercial real estate loans Sept. 18-20
— $17 million of a term loan facility participation Sept. 19th
Information on each of the sales is available at www.debtx.com.
“Because of greater liquidity in the secondary market, many financial institutions are selling performing, sub-performing and non-performing loans to achieve the optimal mix in their loan portfolios. With more than 1,400 potential buyers at DebtX, sellers are finding an accessible market for their assets and maximizing sale proceeds.”
About DebtX
The Debt Exchange, Inc. (DebtX) is one of the largest full service loan sale advisors in the country, serving commercial banks, insurance companies, investment banks and other financial institutions. DebtX was founded to create a liquid secondary market for buyers and sellers of commercial and residential real estate debt, commercial and industrial loans and other corporate debt. A registered broker-dealer with the Securities and Exchange Commission, DebtX offers traditional loan sale services through the industry’s most experienced team of professionals and operates the most active Internet-based platform for secondary commercial debt, with more than 1,400 registered participants. DebtX’s investors include Allied Capital Corp., Sparkventures, LLC, and Flagship Ventures. Headquartered in Boston, DebtX can be reached at 617-443-9199, or www.debtx.com.
