I wonder who

[Roberto]

(LOS ANGELES, CA) -- The 18-year-old Carlton Advisory Services Inc. has been retained by two undisclosed Mexican financial institutions to coordinate a sealed bid loan and REO sale of over $46 million of condominium and detached single family residences, single family performing and non-performing single family mortgages and REOs located throughout Mexico.


http://www.realestatechannel.com/news-assets/Farzin-Emrani.jpg
Farzin Emrani

"Even though Mexican financial institutions maintained strong lending standards while U.S. standards deteriorated, the weakening Mexican economy is forcing many financial institutions (there) to begin deleveraging," says Farzin Emrani, managing director at Carlton's Los Angeles office.

Emrani adds, "This sale will provide investors with an opportunity to acquire loan and REO assets for significant discounts to value."

For-sale assets include a 99-unit condominium project one block from the ocean in Puerto Penasco (Rocky Point); a partially completed 64-unit detached single family residential community; a pool of 14 performing single family home mortgages; a pool of 96 non-performing single family home mortgages; and a pool of bank-owned 27 single family homes throughout Mexico.

[La Huerita]

I was wondering the same thing yesterday http://rptides.blogspot.com/2009/11/carlton-advisory-services-to-sell-condo.html

Guess I should do some research on what project might consist of 99 units, unless someone here has a good idea about it?

[rockyptjoe]

Can someone explain what "deleveraging" means to a simple engineer? Is that auctioning off properties at less than the loan value (like foreclosures here in the US)???

[JimMcG]

Can someone explain what "deleveraging" means to a simple engineer? Is that auctioning off properties at less than the loan value (like foreclosures here in the US)???

It means lowering a company's asset inventory buy selling them off to the highest bidder, in order to lower the company's debt exposure on that inventory. It is often done to avoid foreclosure.

[BigKahuna36]

ASSET SUMMARY
Property Type Residential Condominium Building
Asset Status Non Performing Construction Loan
Location Camino a las Conchas S/N, Fraccionamiento las Conchas, Puerto Peñasco,
Sonora.
Collateral Description The subject property is a brand new, 99 unit Class A oceanfront condo project
in Puerto Peñasco. The Project is 93% complete.
Updated Appraised Value N/A
Appraisal Date N/A
Borrower Reservas Territoriales, S.A. de C.V.

LOAN SUMMARY
UPB $24,230,000
Original Note Date 9/20/2006
Maturity Date 2/26/2010
Interest Rate TIIE + 5.50%
Lien Type 1st TD
Payment Type Interest Only

[BigKahuna36]

For those who have a spare $10 million plus maybe you can pick up this note cheap! Since property values have dropped in half over the past few years the units probably aren't worth more than $150k finished. Doubt the lender will settle for that though.

Also they list the property as ocean front which it is not.

http://www.lindavistarp.com/

[Jim]

Linda Vista?

[jerry]

When things started going South t a Spanish bank started financing vacation houses in mexico.As I remember you could pull out 80% of assessd value.
Some Paella eating banker is eating it for sure.

Speaking of eating it:
http://en.wikipedia.org/wiki/Paella

[Roberto]

Hey Big K, thanks for the info.

[La Huerita]

Ditto. What Roberto said.

[Roberto]

Hey BK;Any idea who the undisclosed Mexican financial institutions are?

[Roberto]

You can Private Message me if you prefer.

[rockyptjoe]

It means lowering a company's asset inventory buy selling them off to the highest bidder, in order to lower the company's debt exposure on that inventory. It is often done to avoid foreclosure.
How does that help if they sell off assets for less then the debt on that asset? Another shell game?

[Roberto]

How does that help if they sell off assets for less then the debt on that asset? Another shell game? Maybe, but you can take asset that is not producing income and hopefully make it productive again. Yeah, you've got to write off the loss but it gets it over with and off the books.

[Enasorb09]

I know a few. Its generally black folks who think they are the only ones that are doing something positive with their lives.