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Carlton Advisory Services Markets $1B of Problem Debt

Carlton Advisory Services here has been retained by Wall Street firms and commercial banks to assist with the marketing and sale of more than $1 billion in troubled real estate loans, the company said last week.

The loans are primarily from failed condominium and development projects in the Southeast, subperforming residential mortgages and small-balance commercial mortgages across the country, Carlton Advisory Services said in a news release.

Pending loan sales include a $480 million commercial floating rate pool on behalf of a private finance company, a $120 million subprime residential loan asset on behalf of a Wall Street investment bank, a $112 million nonperforming development loan portfolio on behalf of a top 25 bank, a $106 million nonperforming development portfolio on behalf of a top 35 bank, a $76 million portfolio of option-ARM loan assets on behalf of a Wall Street investment bank, a $35 million residential subprime loan portfolio on behalf of a bank, $20.9 million of residential home-equity loans on behalf of a Wall Street investment bank, a $21 million nonperforming loan secured by a first lien on a condominium conversion project on behalf of a top 30 bank holding company and a $16.5 million nonperforming mezzanine loan pertaining to a condominium conversion for one of the country's top 15 bank holding companies.

Carlton has sold more than $7 billion in whole loans for various institutions. Chairman Howard Michaels said that while business had slowed due to a booming U.S. economy in recent years, it is now picking up dramatically as a result of weakness in certain credit and real estate markets.. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com/

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