Carlton conducting $40m loan sale

Real Estate Weekly, June 4, 2003

Howard L. Michaels, chairman of Canton Advisory Services, announced that Carlton is conducting a loan sale of approximately $40 million of C&I loan assets.

The C&I loan assets are divided into four pools according to asset type. The real estate secured pool consists of 40 loans having a current aggregate unpaid principal balance of approximately $3.7 million. The pool secured by business assets or unsecured consists of 176 loans with a current aggregate unpaid principal balance of approximately $6.275 million. There is a pool of loans either in litigation or where judgment has been received that has 109 loans with a current aggregate unpaid principal balance of approximately $10.9 million. Lastly, there is a charge-off pool of 203 loans with a current aggregate unpaid principal balance of approximately $19.5 million.

Investors have been actively conducting their due diligence using Carlton's secure encrypted interactive website and copyrighted interactive CD. The website and CD have allowed potential purchasers to efficiently access the asset information and streamline their analysis. Much of the required initial due diligence can be done from individuals' offices. In addition to the convenience, the Carlton system has minimized the cost of initial due diligence.

The loan sale group is headed by two industry pros, Thomas K. McCarthy, co-director, who ran several profitable discount loan businesses for Ocwen Financial Corporation, and Stephen R. Scorgie, co-director, a long-time Canton executive and Ocwen alumnus. McCarthy is based in Palm Beach, Florida and Scorgie is in the New York office.