BANK NOTE SALE

REM FINANCIAL AND REAL ESTATE 4TH QUARTER NOTE SALES October 19th, 2012 PROTOCOL     Introduction: Seller/Bank is pleased to invite you to submit offers for the purchase …

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REM FINANCIAL AND REAL ESTATE 4TH QUARTER NOTE SALES

October 19th, 2012

PROTOCOL

 

 

Introduction:

Seller/Bank is pleased to invite you to submit offers for the purchase of loans primarily secured by real estateThese assets are being offered in three separate lists; as two single purchase pool of multiple notes through Advisors and as a separate list available for individual purchase i.e., one-off transactions on Dataroom.

 

Important: Document folders on Dataroom are not up to date.

Please refer only to the Index list for what is currently for sale.

 

Small Balance Note Pool to be offered through Advisors:

The notes that will be marketed through the Advisors sale are shown under tabs marked Advisor Cap-Residential Pool, Advisor Cap-C&I CRE Pool on the Index in Dataroom. Seller will not accept inquiries concerning these assets except through Advisor. This list will provide you basic information for you to begin your due diligence. Documents will be available only through Advisor.  This pool will be marketed as an “all or nothing” single sale. We have provided Advisor with a list our brokers and investors, so please expect to receive an invitation to bid from them sometime in early November.

 

Available Loans for individual sale on Dataroom:

All terms and conditions below apply to the 58 MILLION individual (One Off) note sale only

 

Please see the Index list, One Off Sales Tab posted to Dataroom : The Index Listing features many new loans added for this 4th Qtr and is a basic data tape in Excel summarizing the loans, properties, payment status and appraisal data which can be filtered. The index may include notes that are already under a Letter of Intent (LOI); see status in far right column, however back up offers will be considered. Combination bids are accepted and encouraged. Seller will endeavor to provide weekly updates to the sales status on the Index, but is not obligated to do so. Seller reserves the right to withdraw any asset from offered sale at any time. Please direct questions and LOIs to the REM Financial and Real Estate.

 

Loan documents are provided in folders on Dataroom by State. If it is not listed on the Index, it is not for sale. In the event that loan documents are found on Dataroom for which the loan is not also listed on the Index; it is likely this is a previously sold note. Please do not submit offers for notes which are not listed on the Index. At the date of this letter loan documents for one off purchases are still being loaded; please check back for availability.

If you require a property inspection or title update, please request it as soon in the process as possible. Seller does not provide title updates specific to any sale.

 

 

 

Offers:

 

Offers for the 4th quarter 2012 individual asset sale will be considered from October 22nd, 2012 through November 7th, 2012.  Questions will be responded to and information provided throughout this timeframe; Seller/Bank intends to consider all offers submitted through the close of the period, but also reserves the right to accept any offers prior to that time. November 7th, 2012 at 5:00 P.M. will be the final day and time to submit an LOI for the 4th quarter individual sale. If you choose to bid on multiple assets (combination bids), you must provide the allocated purchase price for each asset you have chosen.  

 

For those transactions that include multiple assets, one LOI can be submitted with each asset listed as an Exhibit A.  You may use your own form of LOI.

 

Please submit your highest and best indicatives as we intend to award based on the indicatives.

 

This process is a single round, although Seller reserves the right to ask for a best and final offer when it may be appropriate.  Please submit an exact % to UPB as your indicative offer; not a range. Offers are reviewed based on price, terms, your financial ability to close, and your acceptance of the terms in the Seller’s Sale and Assignment Agreement (SAA). Seller will not entertain seller financing or profit participations.

 

The contract must take the form of Seller’s Sale and Assignment Agreement (SAA) which is posted to Dataroom for your review.  In order for an LOI to be accepted, Seller requires a marked version of Seller’s form SAA as well as any special stipulations.  Notes are to be sold on an “As Is”, “Where Is” basis, “With All Faults” and without representations, expressed or implied of any type, kind or nature and without warranties, express or implied, save and except the express obligations of the seller under the SAA.  

Seller’s/Bank’s Attorney must review and approve any changes to the SAA and will also close all transactions.

Neither the offering of these assets nor any LOI submitted to and/or accepted by Seller/Bank, nor any of the terms thereof, shall be binding upon Seller until such time as Seller has entered into a fully-executed, binding Sale and Assignment Agreement (SAA) with a prospective purchaser with respect to the purchase of any asset or portfolio of assets.

Inspection Period: Ends 5pm November 30th, unless otherwise agreed to

Earnest money:  To be agreed upon on or before signing of the SAA; Seller requests at least 10% of the purchase price, refundable until close of the inspection period, after which time it becomes non- refundable.

 

 

Loan Documents:

We acknowledge that not all loan documents are posted to Dataroom. We will endeavor to provide purchasers who sign the Seller Sale and Assignment Agreement (SAA) with a detailed data tape as well as all file documentation EXCEPT proprietary, internal bank documents and memos.  Original files will also be made available for inspection during the inspection period and prior to closing at bank corporate headquarters.

 

Closing:

Closing shall occur no later than 5:00 PM EST, ten (10) business days after the expiration of the inspection period. The last day to close for the 4th quarter sale shall be December 14th, 2012.

As per the terms in the previously executed confidentiality agreement, you are not authorized to discuss any details of this sale with any other party.  Further, you are not approved to contact any borrower or former borrower.  Information requests should be made directly to REM . The information included is thought to be true and accurate to the best of our knowledge, although no guarantee of accuracy is provided by us. All brokers must keep the information on dataroom strictly confidential. Any potential purchasers which the broker wishes to inform of the asset must sign their own Confidentiality Agreement and provide to Seller.

 

Please submit your bid in writing in the form of a Letter of Intent with all your requirements and stipulations to the contact information below on or before: 5pm EST, Wednesday, November 7th, 2012.

 

Contact: Ronald E. McFarland

REM Financial and Real Estate

951-545-7629

remmtg@gmail.com

 

 

 UNPAID PRINCIPAL BALANCE AS OF 9/30/12 DAYS PAST MAT COLLATERAL DESCRIPTION APPRAISAL/
VALUATION
DATE
APPRAISAL/
VALUATION
AMOUNT
MSA DESCRIPTION LIMIT CODE CONTRACT
STATUS
         
 $                                   865,248.34                                                         SHOPPING CENTER-NOO 7/12/2012  $                                          4,300,000 Miami-Fort Lauderdale-Miami Beach, FL RETAIL FOR SALE          
 $                                1,946,583.36                                                         LAND WITH MOBILE HOMES-NOO     Alexandria, LA LAND FOR SALE          
 $                                   296,043.00                                                         OFFICE CONDO MORTGAGE OO     Orlando, FL OFFICE FOR SALE          
 $                                   300,000.00                                                    18 OFFICE CONDO MORTGAGE OO     Orlando, FL OFFICE FOR SALE          
 $                                   240,000.00                                                    80 OFFICE CONDO MORTGAGE OO     Orlando, FL OFFICE FOR SALE          
 $                                     84,522.41                                                         UNSECURED     Orlando, FL BUS ASSETS FOR SALE          
 $                                   100,000.00                                                         UNSECURED     Orlando, FL BUS ASSETS FOR SALE          
 $                                   803,948.37                                                         OFFICE-NOO     Orlando, FL OFFICE FOR SALE          
 $                                   532,175.60                                                         COMMERCIAL PROPERTY 1ST MORTGAGE OO 12/20/2011  $                                          1,720,000 (not available) OFFICE FOR SALE          
 $                                   711,803.06                                                         COMMERCIAL PROPERTY 2ND MORTGAGE OO 12/20/2011  $                                          1,720,000 Arcadia, FL OTHER FOR SALE          
 $                                     30,808.97                                                         COMMERCIAL PROPERTY 3RD MORTGAGE OO 12/20/2011  $                                          1,720,000 (not available) OFFICE FOR SALE          
 $                                1,037,310.28                                                         COMMERCIAL PROPERTY 1ST MORTGAGE OO     Augusta-Richmond County, GA-SC INDUSTRIAL FOR SALE          
 $                                     34,051.42   UNSECURED     Augusta-Richmond County, GA-SC OTHER FOR SALE          
 $                                   980,229.45                                                         ALL BUSINESS ASSETS + COMM PRO. 1ST MTG OOC 7/10/2012  $                                             297,500  South Pittsburg, TN  OFFICE FOR SALE          
 $                                   837,994.45                                                    25 COMMERCIAL PROPERTY 1ST MORTGAGE OO 8/2/2012  $                                          1,110,000 Chattanooga, TN-GA  MULTI-FAMILY FOR SALE          
 $                                   324,544.90                                                         APARTMENTS NOO 9/11/2012  $                                             630,000 Chattanooga, TN-GA  MULTI-FAMILY FOR SALE          
 $                                3,093,763.96                                                         COMMERCIAL/OFFICE/WAREHOUSE 1ST MTG OO 12/16/2011  $                                          4,000,000 Jackson, MS OFFICE FOR SALE          
 $                                   572,816.00                                                  103 COMMERCIAL/OFFICE/WAREHOUSE 2ND MTG OO 1/5/2012  $                                          4,000,000 Jackson, MS OFFICE FOR SALE          
 $                                     58,947.57                                                         UNSECURED     Jackson, MS OTHER FOR SALE          
 $                                     64,619.00                                                         UNSECURED     Jackson, MS OTHER FOR SALE          
 $                                   194,402.95                                                         OFFICE/WAREHOUSE OO 6/1/2012  $                                          1,159,240 (not available) OFFICE FOR SALE          
 $                                1,394,392.34                                                  426 VEHICLES – TRUCKS 6/1/2012  $                                          1,159,240 (not available) OTHER FOR SALE          
 $                                1,111,703.12                                                    66 APARTMENTS NOO 8/22/2012  $                                          2,000,000 Pascagoula, MS  MULTI-FAMILY FOR SALE          
 $                                   770,827.43                                                         CRE  2ND MORTGAGE OO 8/1/2012  $                                             650,000 Rural TN FUNERAL HOME FOR SALE          
 $                                     41,297.35                                                         CRE  1ST MORTGAGE OO 8/1/2012  $                                             650,000 Rural TN FUNERAL HOME FOR SALE          
 $                                1,510,999.54                                                    29 TWO STORY RETAIL CENTER 7/10/2012  $                                          1,350,000 Orlando, FL RETAIL FOR SALE          
 $                                     98,466.38                                                       7 ASSETS – ALL BUSINESS     (not available) BUS ASSETS FOR SALE          
 $                                   775,384.66                                                       7 OFFICE OO     (not available) OFFICE FOR SALE          
 $                                   740,464.89                                                         OFFICE NOO     Tallahassee, FL OFFICE FOR SALE          
 $                                     65,000.00   UNSECURED     Tallahassee, FL OTHER FOR SALE          
 $                                1,088,444.11                                                         WAREHOUSE/SERVICE – OO 12/23/2011  $                                             615,000 Tampa-St. Petersburg-Clearwater, FL INDUSTRIAL FOR SALE          
 $                                   868,793.60                                                    29 INDUSTRIAL OO     (not available) INDUSTRIAL FOR SALE          
 $                                2,431,293.07                                                         VESSEL – DOCUMENTED     (not available) OTHER FOR SALE          
 $                                     12,077.82                                                         FIXTURES, FURNITURE AND EQUIPMENT 6/11/2012  $                                          2,050,000 (not available) BUS ASSETS FOR SALE          
 $                                1,373,076.86                                                         INDUSTRIAL OO 6/11/2012  $                                          2,050,000 (not available) INDUSTRIAL FOR SALE          
 $                                1,749,954.86                                                    84 CRE COMML (INCL MF) RAW LAND – NOO 2/14/2012  $                                          1,865,000 Mobile, AL LAND FOR SALE          
 $                                2,252,607.30                                                    84 CRE COMML (INCL MF) RAW LAND – NOO 2/14/2012  $                                          1,865,000 Daphne-Fairhope, AL LAND FOR SALE          
 $                                   794,291.18                                                         SHOPPING CENTER-NOO 9/24/2012  $                                             330,000 Saint Louis, MO-IL RETAIL FOR SALE          
 $                                   537,231.89                                                         SHOPPING CENTER-NOO     Houston-Baytown-Sugar Land, TX RETAIL FOR SALE          
 $                                   761,555.94                                                         SHOPPING CENTER-NOO     Houston-Baytown-Sugar Land, TX RETAIL FOR SALE          
 $                                   756,683.68                                                         CRE OFFICE     Evansville, IN-KY OFFICE FOR SALE          
 $                                1,459,602.23                                                  100 RETAIL NOO     Jackson, MS RETAIL FOR SALE          
 $                                1,081,873.89                                                  112 APARTMENTS NOO     Huntsville, AL  MULTI-FAMILY FOR SALE          
 $                                2,262,754.00                                                  274 RESIDENTIAL – RAW LAND – NOO 8/8/2011  $                                          3,300,000 Charleston-North Charleston, SC LAND FOR SALE          
 $                                     23,235.01                                                  274 RESIDENTIAL LOTS-BUILDER/DEVELOPER NOO 8/8/2011  $                                          3,300,000 Charleston-North Charleston, SC LAND FOR SALE          
 $                                   123,521.16                                                  401 RESIDENTIAL LOTS-BUILDER/DEVELOPER NOO     Daphne-Fairhope, AL LAND FOR SALE          
 $                                   244,512.92                                                  401 RESIDENTIAL LOTS-BUILDER/DEVELOPER NOO     Daphne-Fairhope, AL LAND FOR SALE          
 $                                   525,947.03                                                  534 COMMERCIAL PROPERTY 1ST MORTGAGE OO     Daphne-Fairhope, AL OTHER FOR SALE          
 $                                   801,567.77                                                         COMMERCIAL PROPERTY 1ST MORTGAGE OO     Orlando, FL OTHER FOR SALE          
 $                                1,683,202.52                                                         COMMERCIAL PROPERTY 2ND MORTGAGE OO     Columbia, SC OTHER FOR SALE          
 $                                1,017,875.45                                                         CHURCH OO     (not available) CHURCH FOR SALE          
 $                                   199,981.88                                                         OFFICE OO     (not available) OFFICE FOR SALE          
 $                                   624,427.50                                                         OFFICE OO     (not available) OFFICE FOR SALE          
 $                             14,500,000.00                                                  483 RESIDENTIAL – RAW LAND – NOO 8/10/2012  $                                          8,700,000 Jacksonville, FL LAND FOR SALE          
 $                                   268,929.24                                                  148 FIRST MTG RESIDENTIAL R/E NOO     Atlanta-Sandy Springs-Marietta, GA SINGLE FAMILY FOR SALE          
 $                                1,716,695.02                                                  183 WAREHOUSE/SERVICE – OO     Atlanta-Sandy Springs-Marietta, GA INDUSTRIAL FOR SALE          
 $                            58,778,484.73                        
                         
                         

 

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