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Press Releases HUD SELECTS DEBTX JOINT VENTURE TO SELL LOANSDebtX, KEMA Advisors Engaged Again By HUD BOSTON, October 22, 2008 DebtX, the largest online marketplace for commercial loans, and KEMA, a boutique investment banking firm, today announced they have signed a multi-year agreement with the U.S. Department of Housing and Urban Development (HUD) to sell commercial real estate loans at www.debtx.com. Operating as KDX Ventures (KDX), DebtX and KEMA will help HUD sell certain of its multifamily and healthcare portfolio loans. The loans were primarily assigned to HUD after default by a borrower or co-insuring lender. The first sale under the agreement is expected to be executed in early 2009. “DebtX and KEMA are a proven team with complementary skill sets that will enable HUD to maximize recoveries from the sale of HUD-held loans,” said DebtX CEO Kingsley Greenland. “We’re pleased to work again with HUD to help the agency implement its loan sale strategy.” The contract announced today is HUD’s most recent engagement of DebtX and KEMA. In 2005, DebtX and KEMA collaborated to sell a loan portfolio totaling approximately $300 million. “The agreement between HUD and KDX enables the agency to obtain all valuation, due diligence, and loan sale services from a single and tightly integrated advisor,” said KEMA President Kirk Michel. “This integrated approach, along with KEMA’s local presence in Washington D.C., will enable KDX to efficiently and expeditiously sell loans within the scope of the agency’s mission.” KDX Ventures was created under The U.S. Small Business Administration’s (SBA) Mentor-Protégé program, which is designed to enhance the capability of 8(a) participants to compete more successfully for federal government contracts. The program encourages private-sector relationships and expands SBA’s efforts to identify and respond to the developmental needs of In addition to HUD, DebtX signed a five-year agreement with the Federal Deposit Insurance Corporation (FDIC) in December 2007 to sell loans in receivership. DebtX is currently engaged to sell more than $424 million in loans from two FDIC receiverships. The first of these portfolios bids on November 10. With more than 4,000 registered and approved investors and approximately 300 financial institutions selling through its exchange, DebtX operates the world’s largest and most liquid online marketplace for loans. DebtX works with financial institutions to sell Commercial & Industrial (C&I), Commercial Real Estate (CRE), residential and consumer loans. DebtX is based in Boston, with offices in Atlanta, Chicago, New York, San Francisco and Frankfurt, Germany. About DebtX About KEMA Media Contact: |
