(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
NEWPORT BEACH, CA-Sabal Financial Services is burning up right now--the company just revealed the acquisition of another loan portfolio in the wake of the $121.5-million portfolio it acquired earlier this week. According to a company release, Sabal grabbed a $69-million loan portfolio from Branch Banking and Trust Bank. And this acquisition is certainly diverse; the package includes commercial real estate assets mostly in the Carolinas, with a few others dotted around Florida, Alabama and Delaware, to name but three.
“This brings our total number of assets under management to approximately $3.75 billion,” says Pat Jackson, CEO of Sabal Financial Group, in the statement. He went on to explain that there is still “strong” need for banks to clear their balance sheets, and added “We work closely with bank executives to analyze the value and best solution for resolving their balance sheet issues.”
According to the release, Sabal has been expanding so much recently in response to market changes, particularly growing market for the sale of performing and non-performing loan portfolios and an increase in asset valuation assignments.
Recently, Globest.com reported that the company has also doubled its employee base over the last year to better manage the flow and number of distressed loans that the company has been picking up. And in June of this year, Sabal also established a builder lending program to fill the void left by community banks exiting for-sale residential financing. Tom Farrell was brought on to lead this new division.
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