NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms Sabal Financial Group, L.P.'s (Sabal) commercial special servicer rating at 'CSS3'. The special servicer rating reflects Fitch's assessment of the company's experienced senior asset managers and strong senior management, effective internal control environment and governance around asset management resolutions and servicing functions, as well as the firm's special servicing experience for both CMBS transactions and non-performing loans and financial condition.
Since Fitch's initial rating, Sabal's platform has grown to 89 total servicing staff from 48 in support of new business initiatives formed within the last 12 months. Sabal recently expanded its lending and advisory services and launched a third party servicing initiative. During 2013, Sabal also started a CMBS advisory service and expanded sales offices focusing on construction and bridge loan originations.
Sabal was established in 2009 by the founder of IndyMac Commercial Lending Corporation and is a financial services company with three business lines: credit advisory services, loan portfolio investments, and real estate lending. The company primarily services acquired portfolios of distressed and performing assets and is currently the manager of five FDIC structured sale transactions and is the asset manager for the ORES Series 2012-LV2 non-performing loan securitization, having served as asset manager for the ORES Series 2012-LV1 transaction which paid off in 2013.
As of Dec. 31, 2013, Sabal specially serviced 2,333 loans totaling $2.7 billion in original un-paid principal balance (UPB), of which 836 loans totaling $481.7 million were CMBS. As of the same date, the company was managing 480 real estate assets totaling $1.2 billion in original UPB, of which 123 assets totaling $164.2 were CMBS.
The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 14, 2014, and 'Rating Criteria for Structured Finance Servicers' dated Jan. 30, 2014, available on Fitch's web site www.fitchratings.com.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Commercial Mortgage Servicer Rating Criteria' Feb. 14, 2014;
--'Rating Criteria for Structured Finance Servicers' Jan. 30, 2014.
Applicable Criteria and Related Research:
U.S. Commercial Mortgage Servicer Rating Criteria -- Effective Feb. 18,
2011 to Feb. 14, 2014
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005
Rating Criteria for Structured Finance Servicers
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=731750
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821302
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