Clark Street Capital Launches the Accelerated BAN, a new platform to sell loans in as little as 2 Weeks
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Clark Street specializes in negotiated sales with a fixed launch date, and a fixed indicative bid date.
Clark Street Capital, the leading loan sale advisory firm, has launched the “Accelerated BAN,” a new loan sale process which allows lenders to sell loans in as little as two weeks. Designed for single assets or portfolios under $5MM, Accelerated BAN is the fastest process in the industry and designed for situations in which a lender is looking to move assets as expeditiously as possible.
Jon Winick, CEO of Clark Street Capital, said, “We saw a need in the marketplace for a quick and efficient process that provides competitive bids within a week and closing as soon as a week later. Banks often find out late in a quarter that they have some room in the budget to move some assets, and they often leave money on the table by selling to a direct buyer without a competitive process. The Accelerated BAN provides both speed and competition.”
The BAN, which stands for the Bank Asset Network, is Clark Street’s industry-wide leading loan sale advisory platform. Banks and buyers love our process as it maximizes transparency while maintaining confidentiality of the seller. Clark Street Capital frequently closes transactions that no other loan sale advisory firm could execute. Below is the difference between the traditional BAN and the Accelerated BAN.
BAN |
Accelerated BAN |
|||
Timeline |
5-8 weeks |
2-3 weeks |
||
Audience |
>80K |
Approximately 5K |
||
Expected NDAs |
> 100 |
5-10 |
||
Portfolio Size |
$5MM or greater |
<$5MM generally |
||
LSA |
Distributed after indicatives |
Must be available day 1 |
||
Due diligence materials |
Some documents can lag during the process |
Must be fully complete day 1 |
||
Bank loan officer involvement |
Can respond to questions on a more reasonable timeline |
Must be 100% available to respond to questions same day |
||
Types of credits |
Complex credits, large portfolios |
Straightforward credits, easy to understand |
For portfolios or loans over $5MM, the BAN is a six-to-ten-week process that maximizes the audience of potential buyers through the largest database in the industry. It is designed for loan portfolios or single loan relationships from a variety of asset classes, including, but not limited to: Multi-family, Senior Housing, Hospitality, Office, 1-4 residential, auto, HELOCs, SBA, C&I, Agriculture, as well as indirect boats and RV.
Clark Street specializes in negotiated sales with a fixed launch date, and a fixed indicative bid date. After indicative bids, Clark Street can either proceed to a best-and-final bid or negotiate directly with a party or parties. Banks love flexibility, especially how it avoids or delays moving assets held for sale until the transaction is closed. Buyers love how the negotiated sale mitigates dead deal costs, as well as Clark Street’s superior understanding of the underlying assets, especially its industry-leading Asset Summary Reports.
The Accelerated BAN is the first of its kind available in the loan sale advisory industry. For simpler transactions in which the Seller is realistic and time-sensitive, the Accelerated BAN offers a best-in-class solution.
Recently, Clark Street completed its first Beta test, in which it successfully marketed a $2MM multi-family loan. Within one week, we received over a dozen NDAs and half of the interested parties submitted bids. Despite a marketing process around the Holidays, in just two weeks the loan sale was under contract with a 10% deposit.
Clark Street Capital is a full-service bank advisory firm specializing in loan sales, loan due diligence and valuation and specialty asset management.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240118169591/en/