Southeast Regional Bank

In April 2008, Summit was approached by a Southeast regional bank with whom Summit has maintained a longstanding relationship. Through the years, Summit helped the bank manage their loan portfolio by buying single troubled loans on a one-off basis. As real estate in the Southeastern United States (Florida in particular) was becoming a troubled asset class, the bank turned to Summit to assist with the divestiture of a pool of 15 loan relationships. Working together, the bank assembled a pool of six relationship assets totaling $10 million for Summit’s purchase that would help the bank meet their liquidity goals.

After performing due diligence on the selected pool assets, Summit and the bank agreed upon a closing price. Working with documents already negotiated in previous transactions made the closing process streamlined and efficient, reducing both the time and expense of the bank. The sale was closed in May 2008.

Shortly after the sale of this small pool to Summit, the bank contacted Summit about another transaction that had come into their Special Assets group. Once again, the bank and Summit were able to execute a quick transaction. As a result of Summit’s professionalism, speed and experience, the bank has continued to partner with Summit when seeking an exit strategy as market or asset conditions change.