PEAK CORPORATE NETWORK JOINS BANK ASSETPOINT COMMUNITY
ARLINGTON, VA (June 24, 2014) – Bank Assetpoint, a nationwide marketplace for bank assets that provides access to new assets, services, and opportunities, today announced that Peak Corporate Network is the latest specialty service provider to become part of the Assetpoint CommunitySM. Peak Corporate Network’s entities provide a wide array of real estate services nationwide. Bank Assetpoint is provided by a trusted partner to the banking industry.
Peak joined the Assetpoint Community to showcase its commercial real estate evaluation reports to Bank Assetpoint participants, including more than 1,300 banks in addition to other lenders and financial institutions that use Bank Assetpoint to post and view thousands of listings for bank assets. Less detailed than an appraisal, a “commercial evaluation,” also previously referenced in the industry as a Broker Opinion of Value (BOV) report, is an opinion provided by a licensed real estate broker as to a commercial property’s current market value based upon an assessment of market and property conditions. Additionally, each report includes information and data points outlined in the Interagency Appraisal and Evaluation Guidelines revised in December 2010.
According to Eli Tene, Managing Director & Principal at Peak, “Full-blown commercial appraisals are often expensive and not always feasible or necessary for the purposes of bank officers, including chief credit officers, chief lending officers, special asset managers, and underwriters. We are excited to offer our nationwide expertise, standard reporting and pricing, and unbiased opinion to participants in the Assetpoint Community.
Rich Walter, Senior Managing Director of Bank Assetpoint, explains, “In joining the Assetpoint Community, Peak gains a unique opportunity to interact with participants as they market or search for the very types of assets that Peak’s commercial evaluation report addresses. Bank Assetpoint has added 7,000 participants since our October 2013 launch. The rapid growth of the Assetpoint Community continues as we further establish Bank Assetpoint as the marketplace of choice for buying and selling bank assets.”
Eligible Bank Assetpoint participants are able to post or search listings for a wide range of performing and nonperforming assets, including commercial and industrial loans, consumer loans, real estate loans, and other types of loans and bank-owned commercial real estate. In addition to being a marketplace for bank assets, Bank Assetpoint serves as a hub for connections. Banks and other participants can connect through the Assetpoint Community with real estate brokers, loan sale advisors, and other specialty service providers whose services can facilitate transactions and provide other valuable solutions.
About Bank Assetpoint:
Bank Assetpoint is operated by Assetpoint Services, LLC, a wholly owned subsidiary of Promontory Interfinancial Network, LLC, whose founders include Eugene Ludwig, Alan Blinder, and Mark Jacobsen to provide banks with innovative solutions. Over the past decade, more than 3,000 financial institutions have participated 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. Assetpoint Services, LLC does not, merely by permitting the listing of an asset or the identification of a third-party provider of services on the website or otherwise, endorse the asset, the party posting information about it, or the third-party provider, as applicable.
About the Peak Corporate Network:
As a leading authority in the real estate industry, the Peak Corporate Network entities provide a full array of comprehensive real estate services nationwide, including brokerage services, mortgage financing, loan servicing, escrow services, short sales, foreclosure processing, and 1031 exchange. For more information, visit http://www.peakcorp.com. The Peak Corporate Network is a brand that represents a group of related separate legal entities, each providing its unique set of real estate services.
Senior Vice President, External Affairs
Promontory Interfinancial Network, LLC