Sale Soon For GMAC Commercial?
GMAC Commercial Mortgage, the nation's largest commercial servicer, is about to be sold. As for the identity of the buyer, well, that's a different matter.
As Mortgage Servicing News went to press this month, industry sources identified GE Capital Corp. as the likely buyer, but other firms reportedly were still in the hunt.
"The sale is getting closer and closer," said one commercial mortgage banking executive.
In a recent letter, GMACCM chairman David D. Creamer confirmed that at least three bidders were still actively looking at the company. (The letter was sent to National Mortgage News, an affiliate of this publication.)
In the same letter, Mr. Creamer took issue with a late September story by NMN that said there was just one bidder left looking at the company.
Mr. Creamer said GMACCM is "working with three bidders and is very pleased with their level of interest and each of the bids reflects the high quality of our assets and people."
He noted that a bidder who had earlier dropped out of the process "has shown renewed interest" in the company.
GMACCM controls $246 billion in mortgage servicing rights. This past summer the company bought a competitor, CapMark Services, which at year-end 2002 had $66.1 billion in commercial receivables on its books. (CapMark was sold by the foreign-owned Lend Lease, which has offices in Atlanta.)
Mr. Creamer said in his correspondence that he cannot comment on the identity of bidders or offer specific details.
GE currently owns a stake in GEMSA Loan Services, Houston, which services almost $60 billion in commercial product.
According to industry sources, other firms that have looked at GMACCM include Credit Suisse First Boston, ING, Lehman Brothers, Metropolitan Life and Washington Mutual, among others.
GMACCM ranks first in both commercial mortgage production and servicing rights.
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