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When evaluating a purchase opportunity, Midwest Asset Acquisition Group uses a streamlined due diligence process to rapidly assess the opportunity without unnecessary disruption to the seller. The time to complete a transaction varies based upon many factors. However, for a serious seller with an average offering, a commitment may be reached within two weeks of Midwest receiving loan data from the seller.
A typical loan sale scenario is outlined below:
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Step 1- Confidentiality
Parties enter a standard confidentiality agreement before specific
loan information is provided.
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Step 2 - Data Tape
Seller provides a spreadsheet of basic information (borrower information,
balances, collateral types, collateral valuations, etc.).
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Step 3 - Indicative Bid
Midwest offers an estimated price range (an “indicative bid”) to the seller to
determine if they are interested in moving forward.
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Step 4- Due Diligence Reivew
Detailed review by our evaluation team, including a review of the full loan file.
This can be done on site at the seller’s location or, if preferable, copies may be forwarded to Midwest for off site review.
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Step 5 - Final Bid
Following file review, a final bid is offered to the seller.
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Step 6 - Closing
If the bid is accepted, a standard loan sale agreement is completed and the
transaction is promptly closed.
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