Bank Assetpoint® Makes National Debut As Largest Dedicated Online Marketplace for Buyers and Sellers of Bank Assets
ARLINGTON, Va., Oct. 16, 2013 /PRNewswire via COMTEX/ --
Bank Assetpoint® (www.bankassetpoint.com), the largest dedicated online marketplace connecting banks and other financial institutions looking to buy or sell loans and lender-owned commercial real estate, made its national debut today as the latest service offering from Promontory Interfinancial Network, LLC. Bank Assetpoint consolidates fragmented markets into a virtual national marketplace, offering access to new asset opportunities, and heightened visibility for lingering distressed assets.
Since launch of the platform's beta version eight months ago, more than 4,000 participants - including more than 1,000 banks, five of the six largest national commercial real estate brokerage firms, and thousands of buyers - have joined Bank Assetpoint. Eligible participants are able to post or search listings for a wide range of assets, including bank-owned commercial real estate, commercial and industrial loans, consumer loans, real estate loans, and various alternative loan classes.
Bank Assetpoint was designed so that eligible buyers of commercial REO and distressed loans can now easily find these assets in a single place and gain immediate access to these motivated sellers. At the same time, eligible institutional participants can use the platform to expand their access to new loan originations and other performing loan sales of all types.
"Bank Assetpoint pulls everything - the asset listings, the players, the professional advisors - onto one comprehensive platform," said Richard Walter, Senior Managing Director at Promontory Interfinancial Network and head of Bank Assetpoint. "In just eight months, it has created new opportunities for buyers and sellers to connect, allowing banks to diversify and enhance their portfolios."
The Bank Assetpoint service includes a secure virtual data room feature powered by IntraLinks, the industry leader, which allows sellers or their advisors to post and control access to confidential content for use by buyers in performing due diligence. The platform also offers a community of seasoned professionals - including brokers, loan sale advisors, and specialty service providers - to aid in completing transactions and to provide strategic services.
Bank Assetpoint is operated by Assetpoint Services, LLC, a wholly owned subsidiary of Promontory Interfinancial Network, LLC. More than 3,000 financial institutions participate in Promontory's network by using one or more of its deposit allocation services, such as CDARS®, the Certificate of Deposit Account Registry Service®; ICS®, the Insured Cash Sweep® service; and IND®, the Insured Network Deposits® service. These institutions include approximately 40 percent of the banks in the United States.
Mark P. Jacobsen, Promontory Interfinancial Network's President and CEO, said, "Over the past 10 years, our deposit services have successfully helped our network members with their funding needs. With Bank Assetpoint, we are leveraging the strength of the existing network and building on our record of innovation to assist our members in the buying and selling of assets, thereby enabling them to better manage both sides of their balance sheets."
Bank Assetpoint has earned the exclusive endorsement of the American Bankers Association, through its subsidiary the Corporation for American Banking.
About Promontory Interfinancial Network, LLC
Promontory Interfinancial Network was founded by leading figures in the banking industry to provide financial institutions with profit-enhancing solutions. The founders envisioned a network, composed of thousands of financial institutions, whose "synthetic size" would help each member institution to compete more efficiently. Today, Promontory's network of participating institutions includes more than 3,000 members nationwide. These members use Promontory's services to acquire and retain large-dollar customer relationships, purchase funding, manage liquidity, reduce collateralization costs, and buy and sell bank assets.
SOURCE Promontory Interfinancial Network, LLC
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