"Banks that might have previously had one or two non-performing loans now have 20 to 30," says James Weber, ACG's general counsel and director of property management. "When lenders put a loan on their books, they don't expect it to not work out, so now they're overwhelmed and don't know where to look and aren't sure what they should do. We offer a unique focus on small to medium banks, and have the ability to provide the whole continuum of services for nonperforming loans."
The new venture is being overseen by the principals of both companies, offering loan and property work-outs, note or asset sales, foreclosure assistance, court-appointed receivership services and management and disposition of REO properties.
Weber says Sibley-ACG will provide its services to banks within a four-hour drive of the Chicago metropolitan area. Chicago-based Sibley brings experience in multifamily assets to the partnership, while Arlington Heights, IL-based ACG's background is in office, retail and industrial properties.
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