The market for bank-owned assets is inefficient and fragmented. Buyers have to search dozens of websites, sift through hundreds of potential leads, and track down sellers from incomplete or out of date listings to find what they are looking for.
Meanwhile, banks struggle to gain sufficient visibility for listings, attract motivated buyers and find new opportunities for assets.
That is why Promontory Interfinancial Network created a new platform called Bank Assetpoint, which is a place where buyers and sellers of lender-owned commercial real estate across the country can connect.
Bank Assetpoint was designed so that eligible buyers of commercial REO and distressed loans can now easily find these assets in a single place and gain immediate access to these interested sellers. At the same time, eligible institutional participants can use the platform to expand their access to new loan originations and other performing loan sales of all types.
“Bank Assetpoint pulls everything—the asset listings, the players, the professional advisors—onto one comprehensive platform,” said Richard Walter, senior managing director at Promontory Interfinancial Network and head of Bank Assetpoint. “In just eight months, it has created new opportunities for buyers and sellers to connect, allowing banks to diversify and enhance their portfolios.”
Eligible participants are able to post or search listings for several assets, including bank-owned commercial real estate, commercial and industrial loans, consumer loans, real estate loans, and various alternative loan classes.
On BankAssetpoint, a user can search thousands of national, local or out of market listings for whole loans, loan participations, loan pools and bank-owned commercial real estate. Also, a consumer can post asset listings in an easy to use format and take advantage of optimized search criteria and filters when searching for assets.
The platform allows users to engage with a network of banks, real estate brokers, loan sale advisors, and other eligible buyers and sellers of assets, as well as specialty service providers who can deliver sought after expertise.
Promontory has developed more than 3,000 relationships with financial institutions over the past decade.
Furthermore, Bank Assetpoint does not compete with brokers and banks, therefore creating greater transparency, usage and listings.
Since launch of the platform’s beta version eight months ago, more than 4,000 participants, including at least 1,000 banks, five of the six largest national commercial brokerage firms, and thousands of buyers, have joined Bank Assetpoint.
The Bank Assetpoint service includes a secure virtual data room feature, which allows sellers or their advisors to post and control access to confidential content for use by buyers in performing due diligence. The platform also offers professionals such as brokers, loan sale advisors, and specialty service provider’s aid in completing transactions and provides strategic services.
“With Bank Assetpoint, we are leveraging the strength of the existing network and building on our record to assist our members in the buying and selling of assets, thereby enabling them to better manage both sides of their balance sheets,” said Mark Jacobsen, president and CEO of Promontory Interfinancial Network.