Vertix Group announced today the acquisition of $15 million in commercial portfolio notes from Ocean Bank over the last 90 days.
“Acquiring commercial portfolio notes from financial institutions presents an excellent opportunity for us to expand our lending portfolio,” states Albert Arisso, co-founder and Managing Partner of Vertix Group. “Because of Vertix Group’s outstanding lender relationships, we are able to help borrowers find favorable solutions that are mutually beneficial.”
The commercial portfolio notes acquired from Ocean Bank include the assets of two hotels and two commercial office buildings in South Florida.
Vertix Group, with more than 50 years of combined banking experience, brought together Altamar Financial Group, LLC, a commercial bridge lender, and HAS Capital Group, commercial loan brokers. Together they created a complete commercial lending company, Vertix Group. It is looking to expand its commercial real estate loan portfolio and is actively reaching out to various financial institutions, including Ocean Bank.
“Ocean Bank reinstated our loan sale program in 2020. Thanks to our conservative underwriting practices, working with Vertix has facilitated our ability to sell troubled assets quickly as a win-win, without impairment to the Bank,” said Grizel Ferro, Senior Vice President and Head of Portfolio Credit Management and Legal Services of Ocean Bank.
“We are continuing to look for opportunities to acquire additional commercial portfolio notes,” says Frank Hermosa, Vertix Group’s co-founder and Director of Business Development. “What separates us from our competitors is that we provide fluid execution and strong underwriting capabilities as well as timely, flexible and efficient financing solutions across all commercial asset types. In addition, we can provide financing, consulting and restructuring to help borrowers find the right solution.”
