Investor, ACB Sub Team Up on RE Assets

Steel Mountain Capital, a Lakewood, Colo.-based investor in performing, subperforming, and nonperforming assets, has allied with a for-profit subsidiary of America's Community Bankers to assist community banks with valuation and disposition strategies for real estate assets."The specific focus of the partnership will be the purchase of nonperforming residential and commercial real estate mortgages," the Colorado-based investor said. "In addition to member-advantaged pricing, Steel Mountain will provide a quick and efficient response, with a streamlined purchase and sales agreement, a portfolio review and evaluation within 24 hours, and a funding timeline of 30 days or less." ACB and the ABA plan to merge on Dec. 1, and Steel Mountain also plans to offer its services to the ABA at that time.