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An unsteady housing market has many banks still sitting on the sidelines, creating opportunity for a nonbank that specializes in buying problem assets.
August 20 -
A Newport Beach, Calif., firm that buys problem loans from banks has struck its second deal in less than a week.
August 21 -
Sabal Financial, a Newport Beach, Calif., firm that invests in distressed assets, has acquired $69 million of loans from BB&T (BBT) of Winston-Salem, N.C.
August 17
Sabal Financial, a buyer of distressed debt, has entered the business of servicing commercial loans.
The Newport, Calif., company said Wednesday that it has established Sabal Third Party Servicing, which will service commercial real estate and construction loans nationwide. The new business also will offer special servicing for nonperforming loans, as well as risk administration for construction loans.
Vartan Derbedrossian, head of Sabal's loan-servicing operations, will lead the new business. Sabal Chief Financial Officer Ron Warwick will play a leading role in the venture, the company said.
"Our firm has specialized in this arena, servicing significant private-equity investors and regulatory agencies for years, and we are now expanding this platform to serve the broader national marketplace," Sabal Chief Executive Pat Jackson said in the news release.
Sabal
