Parkfield Capital Advisors advises Bank of Scotland plc on loan portfolio sale
Los Angeles, CA – Parkfield Capital Advisors LLC (“Parkfield”) is pleased to announce the sale of a portfolio of sub-prime residential mortgage loans totaling more than $100 million in unpaid principal balance to Starwood Capital Group (“Starwood”). The portfolio is geographically diverse, contains a mix of performing and non-performing loans, and is secured by residential mortgages, rental properties, and real estate owned. The proceeds from the sale were used to pay down a loan to our client, Bank of Scotland plc.
Parkfield and Houlihan Lokey served as financial advisors to Bank of Scotland plc, assisting in the due diligence, structuring, valuation and negotiations. Weil, Gotshal & Manges LLP served as the legal advisor to Bank of Scotland. Parkfield’s founder, Andres Pinter, was formerly an investment banker with Houlihan Lokey and maintains strong ties with the firm.
Although the worst days of the credit crisis are long over, many lending institutions still struggle with nonperforming loans and troubled borrowers. In today’s market, numerous possibilities are available to both lenders and borrowers including discounted pay-offs (DPOs) and note sales. Parkfield specializes in assisting lenders and borrowers in workouts, recapitalizations and divestitures.
Parkfield Capital Advisors LLC is a leading boutique financial advisory firm located in Los Angeles, California. Parkfield focuses on advising stakeholders in balance sheet restructurings and private placements of debt and equity. The firm was founded by Andres Pinter in 2014.
About Bank of Scotland
Bank of Scotland is part of Lloyds Banking Group, the UK’s largest retail bank and Scotland’s largest financial services employer. Established in 1695, Bank of Scotland is the UK’s oldest surviving clearing bank. Bank of Scotland has been a subsidiary of Lloyds Banking Group since January 19, 2009, when it was acquired by Lloyds TSB.
Starwood is a private investment firm with a primary focus on global real estate. Since its inception in 1991, the Firm has raised nearly $25 billion of equity capital and currently has $36 billion of assets under management. Over the past 23 years, Starwood has acquired more than $52 billion of assets across virtually all real estate asset classes.