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Carlton Brings $381M of Loans to Market

NEW YORK CITY-The three new portfolios of debt and REO assets brings Carlton's total of active loan sales to more than $1 billion.

By Paul Bubny | Updated on November 30, 2009

NEW YORK CITY-In three separate portfolios, the Carlton Group has begun marketing about $381 million worth of loans and REO assets, bringing its current total of active loan sales to more than $1 billion across six portfolios. The properties backing the loans in the three newest portfolios are located across the US as well as in Mexico.

Noting an increase in volume recently of distressed assets coming to market, Howard L. Michaels, chairman of Carlton, tells GlobeSt.com, “What is happening is that the banks are becoming more serious with respect to selling the assets and to selling them at prices that make sense.” Up until now, Michaels says, the bid-ask gap was an issue; in addition, “banks were reluctant to sell until they got their arms around the assets. Also, banks have begun to make some profits, so they have the ability to take the losses on some of the assets. It’s really a confluence of factors.”

Largest of the three new pools is a $277-million assortment of small-balance commercial loans, many backed by properties with cash flow. They’re located in New York, Florida, Massachusetts, California, New Jersey and Illinois, and bidders have the option of bidding on pools of the assets.

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