Sabal Financial Group L.P. of Newport Beach, Calif., this week acquired a $153 million portfolio of loans located in some of the hardest hit regions of the U.S.
The financial services firm, which also serves as a community bank consultant, said it acquired the portfolio of performing and nonperforming loans from an unnamed retail bank in the Midwest. The price was not disclosed, but Sabal said the pool included more than 100 loans, including commercial real estate and land loans. The loans were made in areas like Arizona, Florida, Illinois and Wisconsin, the company said in a press release.
Sabal said it would service the loans itself.
The company also said it is "expanding its operating platform" as more banks look to unload both performing and nonperforming loans.
Sabal was formerly known as Milestone Asset Resolution Co. It has $3 billion under management.
