SilverLeaf Financial CEO Shane Baldwin Discusses the Company's Record Numbers for 2nd Quarter of 2010

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Jul 26, 2010, 08:15 ET

SALT LAKE CITY, July 26 /PRNewswire/ -- The Salt Lake City-based private equity firm SilverLeaf Financial had a record-breaking 2nd quarter this year. The firm successfully closed the 2nd quarter by acquiring a sizable pool of assets from the Milwaukee-based Marshal and Ilsey Bank. This most recent acquisition consists of 19 assets from 17 loan relationships, 25 loans and 2 REO properties with a combined face value amount greater than $70 Million. This brings the company's 2nd quarter acquisition total to $135 Million worth of assets.

CEO Shane Baldwin says, "We are excited about this purchase. We've purchased several loans from M&I in the past, and they have been a great seller for us. This 2nd quarter was a big quarter for a lot of sellers as it was for a lot of buyers. There was a lot of product on the market, and I think that's why we saw such favorable pricing on the deals that we acquired."

The associated collateral from SilverLeaf's latest acquisition contains a mix of commercial and residential land, single-family residences, office buildings, industrial buildings, storage units, and multi-family units. The collateral is located primarily in Florida, Wisconsin, and Arizona.

When asked what the firm's focus will be in the 3rd Quarter, Baldwin says, "This next quarter our focus will continue to be centered on buying non-performing loans secured by cash-flowing commercial real estate, and actively grow our business as we've done this year by acquiring over $180 Million in face value notes in quarters 1 and 2. Our goal has been to double our acquisitions each quarter, which means next quarter our goal is to acquire $300 Million in face value notes."

Just recently SilverLeaf was awarded from C.W. Capital four additional notes totaling $64.7 Million in face value. The associated collateral is commercial properties consisting of office complexes and office buildings in Arizona, Colorado, Maryland and Michigan. SilverLeaf will close this transaction by the end of this month.

SilverLeaf's V.P. of Acquisitions, Benjamin Smith, comments, "As long as we continue to see good product at nice discounts from banks, special servicers and the FDIC, we will be a very active buyer in this market." SilverLeaf Financial prefers to buy assets on a "one off" basis, rather than a "pooled basis." They will, however, buy from the same lender on a "pooled basis" if the firm can choose what that pool consists of.

About SilverLeaf

SilverLeaf Financial is a private equity firm headquartered in Salt Lake City, Utah. The company was formed in 2008 and focuses primarily on acquiring assets from the FDIC, regional banks, special servicers and other financial institutions. As of July 2010, SilverLeaf has purchased approximately 100 assets, totaling nearly $315 Million in face value. For more information, visit http://www.SilverLeaf-Financial.com