LoanTrade Inc.
 |
 |
$90,125,139
Charged-Off Consumer Loan Portfolio
NATIONWIDE
MONEY CENTER BANK
LoanTrade
Inc. is pleased to exclusively present our client’s direct offer to sell
this attractive charged-off consumer loan portfolio. The Seller is a large, well-known nationwide commercial banking
institution.
This
portfolio consists of consumer loans such as personal lines-of-credit
and other non-credit card types of debt originated directly by
the Seller. The portfolio was not originated as
subprime debt and does not contain indirectly originated debt (third
party originations). 4% have never been placed with outside collection
agencies, 37% are primary recalls, 31% are secondary agency recalls, 26%
are tertiary recalls, and 1% judgments.
|
Pool
ID |
Balance
|
Count
|
Ave.
Bal.
|
|
TX |
$ 27,609,977 |
4,187 |
$ 6,594 |
|
OH |
$ 14,422,052 |
2,932 |
$ 4,918 |
|
LA |
$ 7,671,045 |
1,875 |
$ 4,091 |
|
IN |
$ 6,952,512 |
1,626 |
$ 4,275 |
|
AZ |
$ 4,481,723 |
701 |
$ 6,393 |
|
NATIONAL |
$ 28,987,831 |
4,538 |
$ 6,387 |
|
Total
Portfolio |
$90,125,140 |
15,859 |
|
The Portfolio is available for bid in its entirety or by pool
|
PRE-BID DUE DILIGENCE: |
11/20/00 through 12/8/00 |
|
PHASE ONE BID DATE: |
12/11/00 |
|
TOP 3 FINALISTS SELECTED: |
12/12/00 |
|
PHASE TWO (FINAL BID) DATE: |
12/13/00 |
|
FUNDING DATE: |
12/15/00 |
Important
Portfolio Facts:
ü
BANKO
scrub for bankrupt and deceased accounts completed November, 2000
ü
Full
Seller Representations for Bankrupt, Deceased, Settled, & Fraud Accounts
ü
Resale
Permitted (no prior approval required)
ü
Documentation
Support: While Seller will not guarantee that there is a physical file
available for each account, Seller will, subject to scheduling, deliver
all file physical files in its possession at the time of
closing.
Pools will not be sub-divided, however, potential purchasers interested in smaller segments of the portfolio should contact LoanTrade Inc. with their specific requirements and price indications.
On-Site
Due Diligence:
All
potential bidders are encouraged to schedule on-site due diligence visitation
at the Seller’s office location in the Milwaukee, WI area in order to
review sample files from each pool. 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.
Attn: Tim Kirkpatrick or Kim Norris
Phone:
(561) 417-5002
Fax:
(561) 417-5662
Email: tim@loantrade.com
or kim@loantrade.com
LoanTrade Inc.
370 W. Camino Gardens Blvd. Suite 300
Boca Raton, FL 33432
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
$ 90 Million Consumer Loan 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#: ____________________________
Return to LoanTrade
Inc.: 370 W. Camino Gardens Blvd., Suite 300, Boca Raton, FL 33432