Sabal Financial Group L.P. of Newport Beach, Calif., has acquired a $153 million portfolio of loans located in some of the hardest hit regions of the United States.
The financial services firm, which also serves as a community bank consultant, announced Wednesday that it had acquired the portfolio of performing and nonperforming loans from an unnamed retail bank in the Midwest. The price was not disclosed, but Sabal said the pool included more than 100 loans, including commercial real estate and land loans. The loans were made in areas like Arizona, Florida, Illinois and Wisconsin, the company said in a press release.
Sabal said it would service the loans itself.
The company also said it is "expanding its operating platform" as more banks look to unload both performing and nonperfoming loans.
Sabal was formerly known as Milestone Asset Resolution Co. It has $3 billion under management.