SilverLeaf Financial CEO Dwight Shane Baldwin Discusses Their Recent Purchase of 321 Single Family Residential Mortgages
Online, February 4, 2010 (Newswire.com) - Salt Lake City, UT-SilverLeaf Financial (www.SilverLeaf-Financial.com) announced recently it has purchased 321 single family mortgages. These 1st position trust deed mortgages are located primarily in Indiana and Ohio, with values ranging from $60,000 - $100,000. All of the mortgages are "non-performing" mortgages, meaning they are late on their payments, but have not been foreclosed on.
SilverLeaf will continue to focus on buying performing, and non-performing assets from the FDIC, and other financial institutions. The underlying collateral is usually income producing commercial properties located in the West and Mid West. To date SilverLeaf has acquired more than $150 Million in face value notes, and have "worked out" 65% of them.
The question many people may ask of SilverLeaf is what do we do with the note(s) once we have purchased them? There are multiple options. We can service the note and collect monthly payments, or work with the borrower to modify the loan amount and in turn refinance the loan with another lending institution, (i.e. Bank, or Mortgage Lender) or we can foreclose on the property and sell it. Their preferred means of service would be to modify the note to create a lesser monthly payment, or refinance the borrower.
Each individual owner of these properties is in a different situation. Dwight Shane Baldwin, SilverLeaf's CEO says, "The wisest thing to do would be to see what the outstanding balance is, how much the property is worth, the location, the condition of property, and discover why the owners are behind in their payments. Then make the appropriate decision on how we handle the situation from there."
For more information on SilverLeaf, please contact The V.P. of Business Development, Colby Bond at (office: 801-359-2855) or (cell: 801-657-1678) Email-Colby@silverLeafcompanies.com.
About SilverLeaf
Headquartered in Salt Lake City, Utah, SilverLeaf Financial is a private equity firm that focuses on purchasing pools of performing and non-performing, 1st deed of trust loan pools from the FDIC, and other financial institutions for the purpose of prompt monetization. For more information visit the SilverLeaf Financial web site: www.SilverLeaf-Financial.com.
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