LoanTrade Inc.
 |
 |
$ 5,061,680
Non-Performing
Real Estate Secured/Unsecured
Business
- Consumer Loans & Secured Chapter 13 Loans
A
Mid Atlantic Commercial Bank
48% PA – 20% NJ – 13%
KY – 8% OH – 11% Others
LoanTrade
Inc. is pleased to exclusively present our client’s diversified, but
attractive non-performing portfolio of business and consumer loans.
There is also a pool of 100% real estate secured Chapter 13s. The Seller is a large regional commercial bank
located in the Mid Atlantic area.
|
Pool Name |
Total Portfolio |
Business Loans |
Consumer Loans |
Chapter 13 Loans |
|
Principal
Balance |
$5,061,680 |
$ 2,295,210 |
$ 2,178,116 |
$ 588,354 |
|
Loan Count |
165 |
76 |
64 |
25 |
|
Ave. Balance |
$ 31,074 |
$ 30,200 |
$ 34,033 |
$ 23,534 |
|
Real Estate
Secured |
73% |
40% |
100% |
100% |
|
Unsecured |
27% |
60% |
0% |
0% |
|
W.A. LTV-CLTV* |
63% |
51% |
78% |
58% |
|
% Guarantors |
99% |
98% |
100% |
100% |
|
Physical Files |
100% |
100% |
100% |
100% |
*
estimate based on BPOs and internal valuations within the last year
A
high percentage of accounts are real estate secured and have co-borrower/guarantors. Physical files are complete and available for
viewing at the Seller’s office in PA.
The portfolio’s geographic concentration in the Mid Atlantic
area should make it attractive for buyers familiar with collection practices
in this region.
THIS
IS A COMPETITIVE SEALED BID OFFERING
BID DATE: 12/5/00
FUNDING DATE: 12/8/00
On-Site
Due Diligence:
All
potential bidders are encouraged to schedule on-site file review visitation
at the Seller’s office location in Pennsylvania in order to review files. Please contact LoanTrade for more information and scheduling.
Pre-Bid
Due Diligence Information:
Portfolio
information including loan data, bid forms and P&S agreement is
available on CD to qualified investors. Detailed loan information is
presented in Microsoft Excel file formats. Potential bidders should
sign and return the attached Confidentiality Agreement to:
LoanTrade Inc.
370 W. Camino 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.
Non-Performing Business, Consumer &
Secured Chapter 13 Portfolio
CONFIDENTIALITY
AGREEMENT
This Confidentiality Agreement ("Agreement") is entered into by and between _____________________________________ ("Buyer") and a seller, whose identity is known to Seller=s Broker, LoanTrade Inc. ("Seller").
WHEREAS, in connection with the potential offer to purchase by Buyer of certain financial assets (which includes charged-off consumer loan receivables (hereafter collectively as "loans")) owned by Seller (the "Transaction"), Buyer desires to examine, for purposes of due diligence, certain information of Seller with respect thereto that is non-public, confidential and proprietary in nature; and
WHEREAS,
Seller, in an effort to facilitate the sale process and further the
Transaction for ultimate sale of said loans, desires to provide Buyer
with said information, but only under the terms and conditions set forth
herein.
THEREFORE,
for good and valuable consideration, and intending to be legally bound
hereby, Buyer agrees to be bound as follows:
1. Except as expressly provided below, Buyer agrees that all
information, whether oral, written or via electronic medium, to which
it is given access or which is made available to Buyer by Seller (including
by Seller's agents and representatives) is referred to as Confidential
Information. Confidential Information
shall include, without limitation, all technology, know-how, processes,
trade secrets, memoranda, notes, analyses, compilations, studies, contracts,
proprietary information, historical and projected financial information,
asset lists, appraisals, audits or reports, operating data and organizational
cost structures, strategic or management plans, marketing information,
customer information and customer lists, loan files and servicing records,
or bid terms and procedures whether received before or after the date
hereof. Confidential Information shall also include
information of or relating to any parent, subsidiary or affiliate of
Seller.
2. Except as expressly provided herein, Buyer agrees to hold
all Confidential Information in confidence and not to disclose any Confidential
Information to any third party, other than directors, officers, employees,
agents or representatives of Buyer (collectively, the "Representatives")
who have a need to know such information in connection with the Transaction.
Buyer further agrees that it will not use any such Confidential
Information for purposes other than in connection with the Transaction
without Seller's prior written consent.
Buyer agrees to inform its Representatives of the confidential
and valuable nature of the Confidential Information and of Buyer's obligations
under this Agreement. Buyer shall be responsible and liable for any
breach of this Agreement by its Representatives. It is understood and agreed that the obligation to protect Confidential
Information shall be satisfied if Buyer utilizes the same control (but
no less than reasonable) as it employs to avoid disclosure of its own
confidential and valuable information.
3. As a condition to this Agreement, it is agreed that neither
party hereto (or their respective Representatives) without the prior
consent of the other will disclose to any person either the fact that
discussions or negotiations are taking place concerning the Transaction
or any possible transaction with each other.
Any media releases or public announcements by either party relating
to this Agreement or the Transaction or any transaction shall be coordinated
with and approved by the other. Seller
may, however, make such disclosures to or as may be required by Seller's
applicable regulatory authorities or pursuant to applicable securities
laws. Without limiting any of the foregoing, Buyer
will not communicate with any debtor, guarantor, or representative or
agent of any debtor or guarantor (including any accountant or attorney)
relative to any asset or property being reviewed or evaluated in connection
with the Transaction without Seller's prior written consent.
4. In the event that Buyer or any of its Representatives become
legally compelled (by deposition, interrogatory, request for documents,
subpoena, civil investigation demand or similar process) to disclose
any of the Confidential Information, Buyer may disclose such Confidential
Information to the extent legally required; provided, however, that
Buyer shall (a) first notify Seller of such legal process, unless such
notice is prohibited by statute, rule or court order, (b) attempt to
obtain Seller's consent to such disclosure, and (c) in the event consent
is not given, agree to permit a motion to quash, or other similar procedural
step, to frustrate the production or publication of information.
In making any disclosure under such legal process, Buyer agrees
to use all reasonable efforts to preserve the confidential nature of
such information. Nothing herein shall require Buyer to fail
to honor a subpoena, court or administrative order, or a requirement
on a timely basis.
5. It is understood and agreed that no information shall be
within the protection of this Agreement where such information: (a) is or becomes publicly available through
no fault of either Buyer or its Representatives; (b) is released by
Seller to anyone without restriction; or (c) is rightly obtained from
third parties, who, to the best of Buyer's or any or its Representative's
knowledge, are not under obligation of confidentiality.
6. In the event that discussions between the parties hereto
are terminated for any reason whatsoever or no definitive agreement
has been entered into with respect to the Transaction, or at any time
upon Seller's request, Buyer agrees to return promptly all copies of
the Confidential Information without retaining any copies thereof and
to promptly destroy all copies of any analyses, compilations, studies
or other documents prepared by Buyer or for Buyer's use containing or
reflecting any Confidential Information.
All of Buyer's obligations and Seller's rights and remedies under
this Agreement shall survive any return or destruction of the Confidential
Information and any termination of Transaction discussions.
7. By executing this Agreement, Buyer understands that Seller
makes no representations or warranties as to the accuracy or completeness
of the Confidential Information (including without limitation any appraisals,
environmental assessments, audits or reports) provided to Buyer or its
Representatives.
8. Inasmuch as any breach of this Agreement may result in
immediate and irreparable injury, it is recognized and agreed that Seller
shall be entitled to equitable relief, including injunctive relief and
specific performance, in addition to all other remedies available at
law.
9.
It is further understood and agreed that no failure or delay
by Seller in exercising any right, power or privilege hereunder shall
operate as a waiver hereof, nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege hereunder.
10.
Nothing in this Agreement is intended to constitute, create,
give effect to or otherwise recognize a joint venture, partnership or
other form of business organization of any kind and the rights and obligations
of either party shall be only those expressly set forth herein.
Neither party shall be under any legal obligation with respect
to the Transaction or any transaction unless and until a definitive
agreement between the parties is negotiated, executed and delivered.
11.
This Agreement shall be governed by and construed and enforced
in accordance with the laws of the Commonwealth of Pennsylvania, without
respect to principles regarding conflicts of law.
12.
Buyer represents that it is acting on its own behalf and not
as agent or broker for another.
13.
A fax or photocopy of this Agreement may be used by Seller as
an original for all purposes.
The undersigned hereby agrees to the
terms and conditions set forth in the foregoing Agreement.
BUYER:
Name
of Entity:
Address:
By:
Name:
Title:
Date:
Telephone:
Fax:
E-Mail:
E-Mail:
IMPORTANT:
Please print clearly the name, address (No P.O. Boxes,
Please) telephone and fax of a contact person who will be responsible
for receiving information and coordinating due diligence visits below:
Contact:
Telephone:
Address:
Fax #:
E-Mail:
Please
fax a copy of all pages of this signed Agreement back to Tim Kirkpatrick
LoanTrade Inc. at Fax # (561) 417-5662