The Terranova Group, a provider of asset management and disposition services, has launched a program to purchase troubled assets from a community bank's portfolio while raising capital to support the bank.
Following an analysis of the bank's real estate owned (REO) portfolio and nonperforming assets, The Terranova Group will advise and execute a disposition strategy in which the identified troubled assets are acquired from the bank's portfolio. The company says it has established partnerships with members of the investment banking community to enhance the bank's capital position, in conjunction with the purchase of distressed assets.
Many community banks cannot raise capital until they have a clean balance sheet, says Rob Haney, CEO of The Terranova Group.
‘It can take up to two years of continued management by the bank to move one troubled asset,’ Haney says. ‘Our capital-injection program is designed to cleanse the bank's balance sheet in a much more timely and efficient manner."
SOURCE: The Terranova Group