CREFC AND BANK ASSETPOINT ANNOUNCE BUSINESS ALLIANCE
NEW YORK AND ARLINGTON, VA (July 23, 2014) – The Commercial Real Estate Finance Council (CREFC), the premier trade association for the global commercial real estate finance industry, and Bank Assetpoint, a nationwide marketplace for bank assets that provides access to new assets, services, and opportunities, today announced a business alliance to promote their respective services.
More than 260 companies and 5,500 individuals are members of CREFC, including a number of banks, among them Bank of America, Citigroup, JP Morgan, US Bank, and Wells Fargo. Bank Assetpoint’s 7,000 participants include more than 1,300 banks, five of the six largest national commercial real estate brokerage firms, nonbank lenders, and thousands of other eligible buyers and sellers.
“We saw a natural compatibility when we looked at who participates in Bank Assetpoint, and were especially interested in communicating with the expansive number of banks participating in this unique service,” said Stephen Renna, President and CEO of CREFC. “Aligning with Bank Assetpoint offered us the exciting opportunity to raise the visibility of our services – professional education, industry standards, best practices – among businesses and individuals we might not easily reach otherwise.”
“CREFC brings together participants in all aspects of the $3.2 trillion commercial real estate industry,” said Rich Walter, Senior Managing Director of Bank Assetpoint. “We believe that our bank participants can benefit greatly from learning about the services and programs that CREFC has to offer, all dedicated to the commercial real estate lending industry. We are delighted to be able to work with them.”
Bank Assetpoint deploys a nationwide sales force. Further, on the Bank Assetoint platform, eligible participants are able to post or search listings for a diverse range of performing and nonperforming assets. Bank Assetpoint allows its participants to list bank assets for sale either publicly or privately. Bank Assetpoint also serves as a hub for connections among banks, real estate brokers, loan sale advisors, and other specialty service providers.
About CRE Finance Council:
The CRE Finance Council (CREFC) is the trade association for lenders, investors, and servicers engaged in the $3.2 trillion commercial real estate finance industry. More than 260 companies and 5,500 individuals are members of CREFC. Member firms include commercial banks, insurance companies, private equity funds, mortgage REITs, investment grade and B-piece buyers, servicers, and rating agencies, among many others. CREFC promotes capital formation, encouraging commercial real estate finance market efficiency, transparency, and liquidity. In addition to its Member Forums, committees, and working groups, CREFC acts as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and providing education for market participants in this key sector of the global economy. For more information please visit our website.
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. Promontory provides 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.
Senior Vice President, External Affairs
Promontory Interfinancial Network, LLC
CRE Finance Council