SilverLeaf Financial is seeking to raise more funds for the purpose of buying distressed assets from the FDIC.
SilverLeaf Financial is seeking to raise more funds for the purpose of buying distressed assets from the FDIC.
Currently SilverLeaf has taken on about USD40m, and is looking to add an additional USD100m in funds.
‘Our goal is to align ourselves with the right investment funds, because we’re very focused on purchasing more assets from the FDIC.’ says Shane Baldwin, chief executive of SilverLeaf Financial (pictured).
In the past SilverLeaf would make their bids, and use their own funds to pay the ten per cent deposit that is required by the FDIC bid award winners. The new strategy will allow SilverLeaf to more readily access the needed funds in a streamlined manner.
Baldwin says: ‘We would raise the money deal specific and that can be very stressful because the deals would have to be closed inside of ten days. We now feel we have a very significant track record with proven success, and we are seeking commitments from accredited investors and institutional investors before hand, so that we don’t have to scramble when it comes time to close and purchase the loans."
Thus far, SilverLeaf has been awarded 11 pools consisting of 17 loans from the FDIC. Ten of these 17 loans have been successfully worked out while the remainder are in the process, totalling USD80m in face value notes from the FDIC and other financial institutions.
