Sabal Financial Group, a financial services management firm, has acquired a $204 million portfolio of performing and nonperforming loans from the Federal Deposit Insurance Corp.
The transaction is part of a sale mandated by the FDIC for the assets of more than 50 recently failed financial institutions throughout the nation.
The portfolio consists mainly of commercial and residential acquisition, development and construction loans.
“This is our fourth FDIC transaction and we are currently bidding on others,” said R. Patterson Jackson, CEO of Sabal Financial Group, Newport Beach, Calif. “Because of the recent influx in deals flooding the market, deal flow has been strong and we can be selective in our bidding process.”
SFG will provide loan servicing and asset management for the portfolio. The company has performed more than 100 bank valuations over the past 24 months and expects its success to continue this year.
“2012 is looking to be a big year for deal activity,” Jackson said. “Our goal is to continue acquiring bank loan portfolios at the same rate this year as we did in 2011.”
