CHICAGO-The locally based Corvus Group and RSM McGladrey, a tax and audit consultant, recently teamed up to complete due diligence on a portfolio of 700 commercial and multifamily mortgages. The loans had a total balance of about $737 million.
The team streamlined the portfolio’s loan data, prepared loan summary reports, completed aggregation and analysis and managed the process of obtaining third-party broker price opinions and title reports.
The securitization was a pilot client program which consisted of three classes of securities, including senior certificates with an expected average life of 2.6 years, mezzanine certificates with an expected average life of 6.5 years, and a subordinate class with an average life of 7.1 years.
“A securitization transaction of this nature was the best strategy to dispose of these assets and allow the client to maximize the price received”, said RSM managing director Michael Sher in a statement. The client was not named in the statement. Neither company could be reached for comment.
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