Commercial Portfolio Sales
On behalf of special servicers, banks, other financial institutions, and the government, Mission Capital sells bulk portfolios of commercial mortgage loans and lender owned real estate. Mission advises clients on optimal pooling for the sale of portfolios that span asset classes and geographies.
Residential Portfolio Sales
On behalf of banks, mortgage companies, other financial institutions, and the government, Mission Capital sells bulk portfolios of residential mortgage loans, including programmatic legacy wind-down sales and offerings stemming from routine balance sheet management.
One-off Loan Sale Experience
Mission Capital advises clients on the sale of single loans, from under $1mm of unpaid principal balance (“UPB”) to trophy assets with UPB in excess of $150mm.
CMBS Special Servicer Loan & Real Estate Sales
Mission Capital has extensive experience advising special servicers on the sale of CMBS portfolios. Since executing the industry’s first large direct-from-trust CMBS portfolio sale in 2002, Mission has an in-depth understanding of the complex set of contractual, procedural, net-present-value and legal analyses that are necessary to sell troubled loans from CMBS trusts.
FDIC and Government Contract Work
Mission Capital has advised a number of government and quasi-governmental corporations on the valuation and sale of commercial, residential, C&I, and consumer loan portfolios including several Federal Home Loan Banks, Fannie Mae, Freddie Mac, and the Federal Reserve Bank of New York.
As a loan sale advisor to the Federal Deposit Insurance Corporation (“FDIC”), Mission Capital is pleased to provide the opportunity to acquire certain assets offered from time to time.
International Sale & Advisory Assignments
Mission Capital advises banks, private equity firms and other institutions on the sale, valuation, and due diligence of off-shore US Dollar and non-US Dollar denominated portfolios, including complex international loan portfolio transactions with business, real estate, marine and aviation collateral located in Mexico, Venezuela, Argentina, India, the Cayman Islands and Turkey.
Mission Capital advises clients on the disposition of business lines and servicing operations related to the aforementioned asset classes. Mission has teams fluent in Spanish and / or Portuguese, including native speakers. Team members are intimately familiar with legal, transactional, and asset technicalities in specific foreign markets.
Mission Capital maintains strong working relationships with foreign and domestic capital sources. By introducing U.S. secondary market loan sale processes and due diligence standards to materially less liquid off-shore markets, Mission dramatically expand the universe of interested investors and increase pricing to liquid market levels. Mission Capital also provides transactional research in various off-shore markets not provided by larger investment bank or services firms.
Mission Capital is highly-adept in the marketing of lender real estate owned (“REO”) and real estate properties. Mission’s understanding of lender issues – and deep nationwide database of investors targeting value-add, re-position, and un-stabilized assets – results in favorable client outcomes.
Misison Capital’s team has been actively involved in the equipment loan & lease secondary market since inception, completing secondary market sales, purchases, valuations and direct lending / leasing transactions.
Mission Capital has transacted in municipal and international equipment leasing markets, and represented the FDIC in the sale and valuation of equipment loan & lease portfolios for financial institutions and loss share portfolios around the country.
Mission Capital is an industry leading provider of secondary market tax lien solutions, structuring offerings on behalf of banks, hedge funds, family offices, government entities, and other tax lien market participants. Mission Capital adds value to tax lien transactions on the secondary market by increasing speed and certainty of execution, providing proprietary data analysis, leveraging a wide network of investors, and assisting in trade clearing.
Tax lien and tax deed investors maximize proceeds through Mission Capital’s structured and information rich process, aimed at maximizing efficiency and certainty of execution. Mission Capital acts as advisor and appropriately aligns incentives with clients to achieve maximum pull through and pricing while minimizing administrative burden. Mission Capital leverages proprietary technology while delivering best in class valuation, investor diligence, bidding processes, and closing services. The Mission Capital team has an extensive investor network including tax lien hedge funds, banks, family offices, accredited investors, and other institutional fixed income-focused funds across the United States. Mission Capital regularly interacts and transacts with all major primary municipal auction investor groups, and is constantly deepening relationships within the industry.
Buyers participating in Mission Capital tax lien sales benefit from better information, committed sellers, vetted liens, and an institutional quality services team that can assist in a variety of settlement and due diligence processes. In addition, Mission Capital’s reach into the marketplace provides a broader opportunity pool for buyers to choose from.
Mission Capital leverages proprietary models and our extensive transaction history to accurately value performing, re-performing, sub-performing and non-performing loan portfolios as well as real property. Mission values approximately $40 billion of loan assets annually. Mission Capital’s clients include the FDIC, Federal Home Loan Banks, and private portfolio lenders. Our engagements cover:
- Stress Testing
- Loss Given Default
- Reserve Modeling
Mission Capital utilizes a variety of proprietary financial models: Constant Default Rate model for performing single family loan portfolios; Probabilistic Model for single family loans which utilizes various valuation scenarios and weights them based on a loan’s exhibited risk factors; Risk Adjusted Yield Model, which determines the value of seasoned performing commercial loans based on investors’ yield expectations adjusted for risk factors; Senior-Sub (Restructure) Model, which considers collateral value (or lack thereof) in restructured loans; Default/Foreclosure Model, which considers all costs and potential delays (for bankruptcy, foreclosure, etc.) associated with the foreclosure and sale of the collateral and considers state by state timelines.
In support of its property valuations, Mission Capital utilizes discounted cash flow, IRR waterfall and leveraged/unleveraged return models as well as ARGUS.
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Mimi Grotto is a Partner in Business Development with Mission and has over 20 years of experience in mortgage products sales and trading.
Ms. Grotto joined Mission from Credit Suisse First Boston where she was a Director of mortgage trading. Ms. Grotto held the same position at Donaldson, Lufkin & Jenrette prior to its acquisition by CSFB. Prior to DLJ, Ms. Grotto was at Fortress Investment Group where she was responsible for business development, specifically sourcing investment opportunities in non-performing and sub-prime assets for its various funds. Prior to Fortress, Ms. Grotto spent 17 years at GE Capital, where she was a Senior Vice President. Ms. Grotto held positions in sales management, business development and trading at various GE Capital subsidiaries including GE Mortgage Insurance, GE Mortgage Services, GE Asset Management and Kidder Peabody. Ms. Grotto holds a Bachelor of Science degree in Business Administration from Babson College.
Dwight L. Bostic is the Managing Director of Residential Sales & Trading for Mission and has over 25 years of marketing, mortgage trading, risk management and operational management experience working for major financial firms and investment banks, including Credit Suisse, DLJ, Bayview Financial, Ocwen Financial, and Prudential Home Mortgage. As the head of Mission Capital Advisor's residential trading business, Mr. Bostic has advised high profile commercial and government clients on the more than $50 billion of residential mortgage loan portfolio sales and agency deliveries.
Additionally, Mr. Bostic serves on the Board of Directors and is Chief Marketing Officer for Mission Global, a full services due diligence services firms owned by Mission Capital.
Dwight Bostic has demonstrated abilities in managing complex trading and operational management, asset pricing, deal structuring, transaction management, risk management and corporate finance. He was the lead advisor on the $1.2 billion residential loan sale for the Federal Reserve Bank of New York in 2012, HSBC's multi-year exit of their legacy portfolio, and American General Financial's structured whole loan sale to HSBC and HSBC's subsequent delivery to Fannie Mae during the depth of the mortgage market decline in 2009. Mr. Bostic received a Bachelor of Science in Business Management with concentrations in finance and economics from West Virginia University.
Joseph A. Runk, Jr. is one of the two Principals of Mission, founded in 2002. He has over 25 years of experience in real estate capital markets and banking. He has advised a variety of commercial and government clients on the sale of nearly $70 billion of mortgage loan portfolios and over $150 billion of asset valuations. In his role as Principal, he has a responsibility for a wide range of professional services, with demonstrated abilities in asset pricing, deal structuring, transaction management, risk management and corporate finance. He has direct oversight of all three of the contracts with the FDIC (Valuation Advisor, Loan Sale Advisor, and Structured Sale Advisor) since 2009.
Prior to founding Mission Capital, he was the head of nonperforming residential mortgage loan acquisitions at GMAC-RFC and Ocwen and was a bank examiner with the Federal Reserve Bank of Richmond. Mr. Runk has BS degree in Economics from the University of Richmond and an MBA from Duke University.
Chad Coluccio is a Managing Director of Sales & Trading with Mission, and has approximately 15 years of experience in commercial loan origination, underwriting, asset management, joint venture equity placement and loan sale advisory. His primary focus is sourcing and executing commercial and residential loan sale transactions for Mission’s Asset Sales Group. Additionally, Mr. Coluccio participates in originating new financing mandates for Mission’s Debt & Equity Finance Group.
Mr. Coluccio has been with Mission Capital since 2009, where he has closed billions of dollars in loan sale and debt placement transactions. His clients include commercial banks, regional banks, insurance companies, private equity firms, credit unions, and other financial institutions. Mr. Coluccio opened Mission’s west coast office located in Newport Beach in 2010.
Prior to joining Mission, Mr. Coluccio was a founding partner at Citation Capital Partners, a commercial mortgage brokerage firm focused on debt and equity placement. Previously, Mr. Coluccio was an Asset Manager at Citigroup, where he helped manage Citibank's multi-billion dollar commercial real estate loan portfolio. Mr. Coluccio has his Bachelors of Business Administration degree from Southern Methodist University in Dallas, TX. He is Licensed as a Real Estate Broker in the state of California.
Daniel O’Donnell is a Managing Director of Sales & Trading with Mission Capital, and has over 14 years of experience in commercial real estate, loan sale advisory, underwriting and asset management. His primary focus is on sourcing and executing commercial and residential loan sale and REO sale transactions for Mission’s Asset Sales Group. His clients include national banks, regional and community banks, life companies, special servicers, debt funds and other holders of commercial and residential loans. Additionally, Mr. O’Donnell participates in originating new financing and equity raise mandates for Mission’s Debt & Equity Finance Group.
Prior to joining Mission, Mr. O’Donnell was a Managing Director with HFF (Holiday, Fenoglio, Fowler L.P.) in its National Loan Sales Group. Mr. O’Donnell was responsible for sourcing, evaluating, structuring, and executing performing loan sale and distressed debt opportunities for a wide variety of clients including banks, life companies, special servicers and debt funds. Prior to HFF, he served as Vice President of U.S. Acquisitions for FirstCity Financial Corporation where he was responsible for individual asset and portfolio due diligence, including credit quality evaluation, real estate valuation and business collateral valuation. He was also involved in the ongoing credit decisions related to the restructuring, servicing and settlement of acquired loans and properties. Prior to FirstCity, Mr. O’Donnell worked for Bank of America in its Private Wealth Real Estate Group. Mr. O’Donnell received his Bachelor of Business Administration from Baylor University in Waco, TX with an emphasis on Finance and Real Estate.
Philip Justiss is a Managing Director at Mission Capital where he is responsible for originating, structuring, placing and executing commercial real estate capital on behalf of major owners, investors and developers nationwide.Â His responsibilities also include the sourcing and sale of REO, commercial, C&I and residential loans on behalf of banks, special servicers, private equity funds and other financial institutions.
Prior to joining Mission, Philip worked for Colonial Bank and post-acquisition, Branch Bank and Trust. In his time at the banks he underwrote, originated and resolved over $1 billion of commercial real estate debt, managing clients nationwide. Philip received both his Bachelor of Science degree in Finance and his Masters of Business Administration from Auburn University. He is active in his community and serves on several non-profit boards.
Emily assists Mission Capital with strategy and corporate development, bringing over twenty years of capital markets experience in institutional asset management, commercial lending and real estate development.
Prior to working with Mission, Emily was a Managing Director at Epoch Investment Partners where she was the lead portfolio manager for their International Small Cap equity strategy and a key member of their global investment team. Prior to joining Epoch, Emily served as a Partner and Senior Analyst with Artisan Partners where she was a member of the EAFE portfolio team. Before Artisan, Emily held the role of Partner and Managing Director at Chilton Investment Company and worked as a European equity analyst at BEA/Credit Suisse Asset Management. Emily began her career as a commercial lender with First Union National Bank, structuring and negotiating commercial loans in a variety of industries. Emily has completed over $30 million in private real estate development projects, researching/acquiring land and buildings for ground-up construction/gut-renovation and resale. Emily holds a BA in Economics and an MBA in Finance from Vanderbilt University. Emily currently serves as the Chair of Vanderbilt University’s Owen Graduate School of Management Alumni Board. Emily also served for 10 years on the Board of Trustees of the Long Island Nature Conservancy.
Adam is a Director with Mission Capital in the firm's Newport Beach office. His responsibilities include all aspects of the loan sale process from pre-sale underwriting and valuation to trading & due diligence management. Adam has contributed to the closing of more than $9bn of commercial mortgage loan sales of varying performance.
Prior to joining Mission in April of 2010, he spent several years working for a $22 billion, buy-side asset manager in Los Angeles. A native of California, he earned a B.A. with honors in Economics and Political Science from the University of California at Davis.
Debbie Johnston is the Vice President of Loan Sale Operations for Mission's Austin operations and has been in the mortgage industry for 25 years. Ms. Johnston has a diverse expertise in various areas of the mortgage industry including loan sales, mortgage servicing, originations, system administration and application development. Her responsibilities with Mission Capital include managing agency and private securitization deliveries, contract management and quality assurance processes. Additional responsibilities include whole loan sales, including on-site due diligence, post-closing contract management, repurchase requests, transfer of servicing and delinquent tax claims and Remittance reconciliations. While at Mission Capital, Mrs. Johnston has managed 31 agency deliveries consisting of 70,000 loans in excess of $14 billion and 6 private deliveries consisting of 14,000 loans in excess of $1 billion.
Prior to transitioning to the mortgage insurance operations, she was responsible for the system application support functions. She previously handled loan servicing acquisitions and transfers for Empire Funding along with application support for all servicing functions.
Katie Juarez is the Vice President of Operations for Mission. Her responsibilities include providing operational support to the entire MCA team, investor relations, assisting commercial sale efforts, event planning, conference logistics and managing non-disclosure agreements.
Prior to joining Mission, Mrs. Juarez was an Administrative and Marketing Assistant in Scottsdale, Arizona. Mrs. Juarez received her Bachelor of Education and Human Sciences degree from the University of Nebraska.
Adam is an Associate on the Commercial Loan Sale team at Mission Capital. His responsibilities include loan valuation, property underwriting, deal preparation, due diligence, client interfacing, and business development. Since joining Mission, Mr. Kahn has created debt sizings for the Debt and Equity Finance group and assisted in the marketing of distressed loan sales and REO properties. Adam also co-authored a company report on the state of Puerto Rico, in which he covered the macroeconomic, social and political climate of the territory.
Prior to joining Mission, Adam was an analyst at Wells Fargo in their Commercial Real Estate Capital Markets & Finance group. Adam graduated from Cornell University’s S.C. Johnson School of Business where he earned his Bachelor of Science degree with a minor in real estate. Adam has previously interned at Crescent Heights and Pan Am Equities during his summers at Cornell.
Timber is an Analyst on the Commercial Loan Sale team at Mission Capital. His responsibilities include, loan valuation, property underwriting, deal preparation, due diligence, client interfacing, and business development. Since joining Mission, Timber has done research on distressed assets, prepared deal marketing materials and co-authored a blog for Mission Monthly.
Timber graduated from Bucknell University's Freeman College of Management, where he earned a B.S. in Accounting and Financial Management. While at Bucknell University, Timber was a member and captain of the Varsity Men's Tennis Team. Timber has previously interned at Mission Capital and Sandler O'Neill in their Equity Research, Sales and Trading group.
Hugo is an Analyst on the Commercial and Residential Loan Sale Team at Mission Capital. His responsibilities include loan valuation, property underwriting, deal preparation, due diligence, client interfacing, and business development. Since joining Mission, Hugo has done research on both performing and distressed assets and prepared deal marketing and valuation materials for loan and REO sales. Hugo also co-authored a company report on the transition away from LIBOR.
Hugo graduated from The University of Vermont's Grossman School of Business, where he earned a B.S in Business Administration with a Finance concentration. Hugo has previously interned at Aareal Bank in the Loan Origination group.