CEX auctions $85 million in bank assets, REO
The Carlton Exchange recently sold more than $85 million of bank-owned performing and nonperforming loans and REO assets secured mainly by commercial and residential properties in North Texas. The December auction proved "there is a strong demand for acquiring distressed loans and REO assets," said Carlton Chairman Howard L. Michaels. The assets consisted of a pool of residential, office, hospitality, retail, land and industrial loans, as well as REO assets. CEX said it sold 85% of the assets offered at 99% of the price it indicated it could achieve. The assets were offered via competitive real-time bids through an online exchange. Prequalified bidders submit their bids on a first-come, first-serve basis. Properties that exchanged hands included more than 45 residential loans and REO assets that were sold individually at an average discount to unpaid principal balance of approximately 34%, CEX said. Assets sold also included several first mortgage loans secured by hotels in the Dallas-Fort Worth area, two bank-owned office buildings, and loans securing property that included a self storage facility and a partially developed retail development. New York-based Carlton Exchange is a subsidiary of Carlton Group, an international real estate investment banking firm. Write to Kerry Curry. Follow her on Twitter @CommunicatorKLC.