Signet Partners

Website Links

Description

FINANCIAL UNDERWRITING, LOAN WORKOUT & DEBT RESTRUCTURE Client’s Name: U.S. Department of Housing and Urban Development (HUD) Office of Affordable Housing Preservation (OAHP) Period of Performance: May 1999– Present Description of Services Provided: The Multifamily Assisted Reform and Affordability Act of 1997 prompted the “Mark-to-Market Program (M2M)” for the comprehensive underwriting, subsidy realignment and debt restructure for 10,000 expiring FHA-insured Section 8 project based multifamily properties, housing 1.6 million tenants. Now in our 10th year, Signet has conducted the M2M program for over 700 properties in 28 states resulting in $750 million in loan restructures and saving approximately $400 million in excess rent subsidies. Our related responsibilities include physical and financial evaluation, market analysis, subsidy and debt restructure underwriting, owner negotiations, transaction closings and disbursement administration for capital repair escrows. In 2009, the program received additional funding under for green and energy conservation retrofits. Signet now underwrites these improvements with LEED designated staff and conducts the rigorous reporting associated with the American Recovery and Reinvestment Act of 2009 (ARRA). PORTFOLIO DUE DILIGENCE & VALUATION Client’s Name: The Federal Deposit Insurance Corporation (FDIC) Period of Performance: May 1998 - 2000 Description of Services Provided: The National Sales Center and the Western Service Center of the FDIC conducted a sales initiative of approximately 9,000 assets in two phases. Known as “Sale ‘98”, the scope of services included the analysis, valuation and sales structuring for three asset groups: 1,393 mortgage loans ($34.5 million); 7,831 servicing rights assets ($783 million); and 91 Mortgage Backed Securities transactions ($789 million). Signet performed both financial advisory and due diligence tasks in the Forward Loan Sale, collapse of Real Estate Mortgage Investment Conduit (REMIC) Trust Structures and completion of Servicing Rights Sales. Signet was instrumental in acting as the Transaction Financial Advisor to the Program Sales Advisor. Signet’s specific securities understanding and valuation knowledge was utilized in the documentation, analysis, and disposition strategies for these complex assets. For example, we discovered and ultimately facilitated the recovery of over $4 million from one REMIC security alone. Signet completed due diligence on these assets, valuing all securities, analyzing derived income, identified ownership interest, analyzed tax liability consequences, and recommended stratification and pooling scenarios. Our Due Diligence efforts included reconstruction of asset files, missing document research, field inspections, investor market assessment, retrieval of critical asset information from scattered locations and tracing of ownership and title conveyance.

Fact sheet

Company contacts

Products & services

Similar companies nearby