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SilverLeaf acquires 321 single-family mortgages

SilverLeaf Financial has acquired USD28m worth of face value notes for the discounted price of USD4.9m, consisting of 321 single-family 30-year mortgages.

SilverLeaf Financial has acquired USD28m worth of face value notes for the discounted price of USD4.9m, consisting of 321 single-family 30-year mortgages.

They include a mixed bag of non-performing and performing loans that originated from GMAC, the financing arm of struggling automaker General Motors.

SilverLeaf has also acquired a USD5m note which is secured by a newly constructed 58,000 sq ft climate-controlled self storage facility in Fort Meyers, Florida. The asset is 50 per cent occupied and the borrower is ASAP Storage.

In addition, SilverLeaf Financial has added a new in-house counsel to the company’s roster. Heston Nielson is a graduate from California Western School of Law, a private school in San Diego. He has been practicing law for four years, specializing in securities law, real estate law and estate planning.

"Heston will play an important role within our company. He will facilitate the legal side of the financial firm’s transaction activities, as well as handle our real estate and mortgage company’s legal matters. We are excited to have him onboard," says SilverLeaf’s chief executive Shane Baldwin (pictured).

SilverLeaf Financial intends to acquire more and more failed bank assets, both sub-performing and non-performing loans. It is actively engaged with several other private equity funds that are seeking to set up an exclusive relationship with the firm.

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