LoanTrade Inc.
 |
 |
$32,293,253
Auto Deficiency Charge-Off Portfolio
62% CORE MIDWEST STATES – NATIONWIDE
MONEY CENTER BANK
LoanTrade Inc. is pleased to exclusively present our client’s direct offer to sell its attractive auto deficiency portfolio. The Seller is a well-known money center commercial banking institution. LoanTrade successfully managed a $274 million sale of similar types of accounts for this client in September 1999 and a $30 million sale in March 2000.
This noteworthy
portfolio consists of indirect auto loan deficiency balances. 10% of the accounts still have collateral
(i.e. not repossessed); 18% are in pre-judgment legal status; 6% of
the accounts have never been referred to outside third party collection
agencies or attorneys; 52% are primary recalls. The portfolio represents a combination of portfolios
originated by four large regional banks that have merged. The portfolio’s geographic concentration in Midwestern states
makes this one of the most desirable consumer charge-off portfolios to reach
the market.
|
Pool ID |
Balance
|
Count
|
Ave. Balance
|
MI
|
$5,795,371 |
1,222 |
$4,742 |
|
IL |
$5,417,990 |
860 |
$6,299 |
|
OH |
$3,255,726 |
555 |
$5,866 |
|
TX |
$2,546,531 |
375 |
$6,790 |
|
IN |
$1,921,876 |
388 |
$4,953 |
|
US |
$13,556,589 |
2,098 |
$6,433 |
|
Total Portfolio |
$32,293,253 |
5,498 |
$5,873 |
THIS IS A TWO-PHASE COMPETITIVE
SEALED BID OFFERING
|
BID PACKAGES AVAILABLE: |
8/16/00 |
|
ON-SITE DUE DILIGENCE: |
8/23/00 to 8/27/00 |
|
PHASE ONE BID DATE: |
8/28/00 |
|
PHASE TWO (FINAL BID) DATE: |
8/29/00 |
|
FUNDING DATE: |
8/30/00 |
LoanTrade
Inc.
Important
Portfolio Facts:
ü
Full
Seller Representations for Bankrupt, Deceased, Settled, & Fraud Accounts
ü
Resale
Permitted (no prior approval required)
ü
Full
Documentation Support: While Seller
will not guarantee that there is a physical file available for each account,
Seller will, subject to scheduling, deliver all physical files
in its possession.
Portfolio may
be bid by individual Pools or in its entirety.
Individual Pools will not be sub-divided, however,
potential purchasers interested in smaller state pools should definitely
contact LoanTrade Inc. with their specific requirements.
On-Site Due Diligence:
All potential bidders are encouraged to schedule
on-site file review visitation at the Seller’s office location in Phoenix,
AZ in order to review loan files. Please
contact LoanTrade for more information and scheduling.
Pre-Bid Due Diligence Information:
Portfolio
information including loan data, reports, bid forms and P&S agreement
is available on CD to qualified investors.
Detailed loan information is presented in Microsoft Excel and Dbase
file formats. Potential bidders
should sign and return the attached Confidentiality Agreement to:
LoanTrade Inc.
370 W. Camio Gardens Blvd., Suite 300
Boca Raton, FL 33432
Attn: Tim Kirkpatrick
Phone:
(561) 417-5002
Fax:
(561) 417-5662
Email:
tim@loantrade.com
IMPORTANT DISCLAIMER
The terms, conditions, and information presented by LoanTrade
Inc. in connection with this portfolio presented herein were provided to
LoanTrade by sources we consider to be reliable, however, LoanTrade makes
no representation as to the accuracy of this information. LoanTrade cannot guarantee the performance
of the Seller. Seller may reject
any and all bids. Seller may reduce
portfolio up to the date of Seller's acceptance of Buyer's offer to purchase.
CONFIDENTIALITY AGREEMENT FOR REVIEW OF ASSETS
$35,356,051 Auto Deficiency Portfolio
LoanTrade Inc.
(“LoanTrade”) in its capacity as broker for its Clients ("Seller")
will from time to time make available portfolios of certain assets ("Assets")
for sale to potential investors ("Investor" or Investors").
In connection therewith, LoanTrade will permit the review and inspection
of documents, files and other information ("Confidential Information")
relating to the Assets upon receipt by LoanTrade of this Confidentiality
Agreement signed by an Investor. Confidential
Information may include economic, commercial, marketing, financial and customer
information that is confidential and/or proprietary in nature.
Section 1. PURPOSE. The Investor
agrees that this Confidentiality Agreement is executed for the benefit of
LoanTrade and Seller with respect to whose Assets Confidential Information
is provided. Investor's review and
inspection of the Confidential Information shall be for the sole purpose
of determining whether or not to submit a bid to purchase some or all of
the Assets. Investor agrees that
its review and inspection shall be on its own behalf and not as an agent,
representative or broker of any undisclosed party.
Section 2. NON-DISCLOSURE AND USE OF CONFIDENTIAL
INFORMATION.
(a) Investor agrees that, except
as set forth below, all Confidential Information shall be used by Investor
solely for the purpose stated in Section 1 hereof. Investor further agrees not to disclose any of the Confidential
Information, including the name of Seller without prior written consent
of LoanTrade to any third party other than to (i) its employees, officers,
and directors (including those of its affiliates), (ii) its agents and representatives,
including attorneys, accountants and financial advisors, (iii) insurance
and reinsurance firms, or (iv) credit rating agencies (collectively, "Representatives")
(A) whose review is necessary for proper evaluation by Investor, (B) who
are informed by Investor of the confidential nature of Confidential Information
and (C) who are provided with a copy of this Agreement and agree in writing
to be bound by the terms of this Agreement.
(b) The term "Confidential Information" shall not include
information which: (i) is already known to Investor from other sources known
by Investor not to be subject to any confidentiality obligations (ii) is
or becomes generally available to the public other than as a result of a
disclosure by Investor or any of its Representatives or (iii) is required
to be disclosed by law or by regulatory or judicial process.
(c) In the event Investor or any of its Representatives fails in any
respect to comply with its obligations under this Agreement, Investor shall
be liable to LoanTrade and Seller for breach of this Agreement. In addition, LoanTrade may in its discretion
refuse to consider a bid from the Investor on the Assets.
(d) Nothing in this Agreement shall preclude the exercise of any other
right, power or remedy available to LoanTrade or Seller under law or in
equity. No forbearance, failure
or delay in exercising any such right, power or remedy shall operate as
a waiver thereof or preclude its further exercise.
Section 3. DUPLICATION. Investor shall
not make any reproductions other that handwritten summaries or notes and
self-generated computer records, of any item of Confidential Information
without prior written consent of LoanTrade.
If Investor decides not to submit a bid or if the transaction is
otherwise not consummated by Investor, Investor and its Representatives
will immediately destroy all Confidential Information and all copies, reproductions,
computer records, notes, summaries, analyses, or extracts of Confidential
Information in Investor's possession or in the possession of any of its
Representatives. Upon request of
LoanTrade, Investor will certify that the requirements of this Section have
been satisfied.
Section
4. CONTACT WITH DEBTORS AND OTHERS.
The Investor agrees not to communicate directly or though a third
party without the written permission of LoanTrade, with: (a) any debtor,
guarantor, debtor's or guarantor's accountant or attorney relative to any
Asset, (b) employees or officers of the Seller, or (c) regulatory authorities
responsible directly or indirectly for the federal, state, or local supervision
of Seller.
Section 5. TERMINATION. The restrictions in this Agreement shall terminate
as to any Assets acquired by Investor provided, however, that any claim
by LoanTrade or Seller based on a breach of this agreement occurring prior
to such acquisition shall survive the acquisition unless waived by LoanTrade
or Seller, as applicable, in writing. The terms and conditions of this Agreement shall remain in full
force and effect as to any Assets requested for review by, but not acquired
by Investor.
Section 6, ENTIRE AGREEMENT.
This Agreement
represents the entire agreement between Investor, LoanTrade and Seller relating
to the treatment of Confidential Information heretofore or hereafter reviewed
or inspected by Investor or its Representatives.
Section 7. HOLD HARMLESS PROVISIONS.
The terms, conditions,
and other information presented by LoanTrade in connection with this transaction
were provided to LoanTrade by Seller. LoanTrade makes no representation
as to the accuracy of this information. LoanTrade cannot guarantee the performance
of Seller.
Section 8. INDEMNITY. Investor shall protect, defend, indemnify and
hold harmless LoanTrade and Seller, their partners, officers, directors,
agents and representatives against any and all claims, demands, actions,
damages or liability (including attorney's fees) of any kind or nature,
resulting from, arising from or occasioned in whole or in part by the negligence
of either you or a Representative in use of the Confidential Information
IN WITNESS HEREOF, a duly authorized
representative of Investor has executed this Agreement as of the date set
forth below.
Investor: ____________________________
By: ____________________________
Printed Name &
Title: ____________________________
Date of Execution:
____________________________
Street Address: ____________________________
Address: ____________________________
City: ____________________________
State: ____________________________
Phone#: ____________________________
Fax#: ____________________________
Email: ________________________
Return to LoanTrade
Inc.: 370 W. Camino Gardens Blvd., Suite 300, Boca Raton, FL 33432
FAX (561) 417-5662 TELEPHONE (561) 417-5002
email: tim@loantrade.com