Bridger Commercial Funding Receives Strategic Investment from Banc of America Securities

Business Wire, Oct 22, 2002

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 22, 2002

Bridger Commercial Funding announced today that Banc of America Securities LLC has made a strategic investment in the company that will enable Bridger to expand its CMBS origination and BankXchange loan trading business lines. The investment follows a 21-month relationship during which Bridger participated in six securitizations managed by Banc of America Securities. These transactions totaled more than $6.8 billion, with Bridger's contributions exceeding $665 million. Terms of the investment by Banc of America Securities were not disclosed.

"As Bridger's lead investment banker for nearly two years and a leader in the CMBS market, Banc of America Securities has noticeably influenced Bridger's expansion and evolution," said Bob Schonefeld, Bridger CEO. "It has provided a consistent channel through which Bridger contributes loan collateral originated by the firm's nationwide network of commercial bank clients. At the same time, Bridger garners enhanced market diagnostics that we use to improve our success and our clients' success," Schonefeld added. "One important barometer of this added value is the excellent bond distribution and structuring capabilities that Banc of America Securities brings to the table."

Now more than ever, Schonefeld sees a close alignment between Bridger and its strategic partner. "As the leading independent CMBS originator and the industry's leading expert in aggregating CMBS product through banks, Bridger will enter 2003 with an extremely strong foundation for growth for both of our business lines, and we expect to avail ourselves of more opportunities in the real estate financing arena with this new backing," he said.

Bridger Commercial Funding (www.BridgerFunding.com) is the leading commercial real estate capital markets resource serving the U.S. banking industry, with over 900 bank relationships nationwide. Bridger's innovative products and technology applications help banks maximize their risk-adjusted returns by accessing the secondary mortgage market. Bridger's commercial mortgage-backed securities (CMBS) loan origination program enables banks to boost financial performance by generating substantial fee income while retaining and enhancing borrower relationships. In addition, Bridger's BankXchange(TM) program optimizes banks' loan portfolio risk profiles and returns by facilitating purchases and sales of loan portfolios, whole loans and participations. Through a growing network of over 3,100 commercial loan officers nationwide, Bridger is the commercial real estate banking's premier provider of secondary market origination and trading solutions.