Steel Mountain Capital, a Lakewood, Colo.-based purchaser of performing, subperforming and nonperforming assets from financial institutions, has entered into a business partnership with ACB Business Partners Inc., the for-profit subsidiary of America's Community Bankers. According to the companies, the aim of the partnership is to assist community banks with valuation and disposition strategies for managing their performing, subperforming, nonperforming and fee-simple real estate assets.
The specific focus of the agreement will be the purchase of nonperforming residential and commercial real estate mortgages. In addition to member-advantaged pricing, Steel Mountain will provide a quick and efficient response, with a streamlined purchase and sales agreement, a portfolio review and evaluation within 24 hours, and a funding timeline of 30 days or less.
Steel Mountain adds that its services will be offered to all members of the American Bankers Association (ABA) when ACB and the ABA merge.