December 20, 2018

The Chapel Ridge shopping center in northwest Fort Wayne will take bids on two buildings next month.

New York-based Mission Capital Advisors, working with Fort Wayne’s Sturges Property Group, will accept bids on behalf of the unnamed owner Jan. 8, 2019, according to a statement released Dec. 11. The property is real estate owned.

The property is a two-building, 8-unit, 46,641-square-foot shopping center on a 1.27-acre site near the Interstate 469-Indiana 37 interchange.

The center is shadow anchored by several national tenants including Walmart, Michaels and Kohl’s that draw shoppers into it.

Six tenants currently occupy the property up for bid, including Buffalo Wild Wings, Ziano’s Italian Eatery, Goodwill and a local swim store. Two spaces are vacant.

The majority of leases are set to roll over between 2020 and 2026.

Bids will be accepted at

Former Toast & Jam gets Redemption

Redemption House Executive Director Tomra “Tomi” Cardin got plenty of hugs from a couple of dozens supporters after the Fort Wayne Board of Zoning Appeals on Dec. 13 approved the group opening a second site in a historic house in downtown.

Redemption House’s first location is at 2720 Fairfield Ave., where it has space for 13 women who are former nonviolent offenders referred there by the Allen Superior Court’s Re-entry program and outlying areas. They participate in skills classes, job training and other courses to prepare them to transition back into the community.

The second house is the Bostick-Keim Mansion at 426 E. Wayne St. The added location will allow the program to double its capacity by providing room for another 16 women, according to its application.

The program plans to move into the Queen Anne Victorian built in 1888 after the first of the year. The house has seven bedrooms and three full baths. Some of the features include oak woodwork, five fireplaces and stained-glass windows. The home comes with a three-car garage.

“Residents take care of the home while working jobs,” Mark Bains, an attorney with Barrett McNagny, who was representing the program, told the zoning board.

The program started as Wings of Hope in 2012.

Not all women who are referred to redemption are accepted.

“Residents are well-behaved or they’re not there,” Bains told the zoning board.

Weigand opens South Bend office

Weigand Construction Co., of Fort Wayne, a provider of construction management services, is expanding into north central Indiana with its new office completed earlier this year in downtown South Bend. Weigand’s new office, at 108 N. Main St. on the second floor of the historic JMS building, provides pre-construction, construction management, general contracting and design build services to the local market.

“In recent years, Weigand has been involved in an increasing number of projects in the north central Indiana region,” Jeremy Ringger, Weigand president, said in a statement. “Opening an office in South Bend will allow us to improve upon our existing presence while continuing to provide exceptional service to the Michiana community.”

Weigand recently completed construction of the Angela Athletic and Wellness Complex at Saint Mary’s College, a nursing simulation lab at Bethel College, and the Harris Track & Field Stadium at the University of Notre Dame, all in the South Bend area.

Ongoing projects include the Marshall County Aquatic Center in Plymouth, a 40-bed Vibra Health Rehabilitation Hospital in Mishawaka, the Andreasen Center for Wellness at Andrews University, and a lean-designed beam processing center for Lippert Components in Goshen. All four projects are new construction, and all are scheduled for completion in 2019.

Weigand Construction was founded in 1906 and serves clients throughout the Midwest. It has over 300 skilled tradespeople and annual revenues above $200 million.

The Zacher Company

Fletcher Moppert and Steven Zacher represented the seller, Trelleborg Seal, in the sale of a 48,500-square-foot industrial building at 1151 Bloomingdale Drive in Bristol to 1151 Bloomingdale Drive LLC.

Moppert represented both the landlord, P&A Realty Inc., and the tenant Fastenal in the lease extension of 7,500-square-foot industrial space at 4105 Engleton Drive, Fort Wayne.

Evan Rubin represented the buyer, I.O.O.F Harmony Lodge No. 19 Inc., in the purchase of a 4,912-square-foot office building in Sleepy Hallow Professional Offices at 7325-7327 W. Jefferson Blvd., Fort Wayne.

John Adams represented both the landlord, Boulder Ridge Professional Offices Corp., and the tenant, G6 Communications LLC, in the lease of a 1,680-square-foot office space at 10848 Rose Ave., New Haven.

Joy Neuenschwander and Moppert represented both the landlord, Alea Properties Office I LLC, and the tenant, Larson Financial Group LLC, in the lease of a 1,319-square-foot office space at 7230 Engle Road, Fort Wayne.

Neuenschwander represented the landlord, DCL Scott Corp., and Neuenschwander and Rubin represented the tenant, Long Tail Corp., in the lease extension of a 1,106-square-foot office space at 5738 Coventry Lane, Fort Wayne.

Adams represented the landlord, Harrison/Wayne LLC, in the lease of office space at 203 W. Wayne St., Fort Wayne, to Jarencio Valcarcel.

Bradley Company

Lucas Demel and Steve Chen represented the landlord, BRV‐X LLC, in the lease negotiation of retail space for a wireless tenant at the new Dupont Pointe Shopping Center, 5131 E. Dupont Road.

Demel and Chen represented the landlord, BRV‐X LLC, and the tenant, the Guy’s Place, in the lease negotiation of retail space at the new Dupont Pointe Shopping Center, 5131 E. Dupont Road.

SVN-Parke Group

Diana Parent represented the landlord of the PNC Center and the tenant, Headwaters Park Alliance, in their lease renewal of Suite 2012.

Whitney Peterson represented the landlord of the PNC Center and the tenant, Christopher Alexander, in a new executive suite’s lease for Suite 2102.

Parent represented the seller, Brookside Community Church in the sale of 5.44 acres at 6031 Evard Road.

Troy Reimschisel and Anna Bowman represented BOER Inc., the landlord of 4115 Clubview Drive, in the recent lease of 2,500 square feet of flex space to Franchise World Headquarters LLC.

LISA ESQUIVEL LONG is a freelance journalist who is filing in for Business Weekly Associate Editor Linda Lipp while Lipp is out of the office.

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NEW YORK (Dec. 20, 2018)

Mission Global, a leading mortgage services due diligence business, today announced that it has hired two industry veterans to expand its business development team. The new executives, David Tiberio and Tyler Julian, will both serve as directors at Mission Global and will report to Mission Global Chief Marketing Officer Dwight Bostic.


For Mission Global, the expansion of the business development team is a key part of scaling the company’s growth with the goal of providing its leading due diligence services to a wider portion of the industry. Founded in 2015 through the merger of Mission Capital Advisors’ mortgage services business unit and Global Financial Review, Mission Global has quickly become a single-source solution for institutional clients looking to buy, sell, manage and securitize commercial and residential loans.


“Over the past few years, we’ve worked to expand Mission Global’s services and build out our proprietary technology suite, which has enabled us to provide our clients with an unmatched mortgage services offering,” said Bostic. “David and Tyler both bring Mission Global a wealth of diverse experience across the real estate and financial fields, and the contacts and background they each have will be instrumental to our continued success.”


Tiberio comes to Mission with 30 years of experience across the financial services, mortgage banking and real estate industries. He served most recently as a vice president at LenderLive, a national title agent, where he focused on new business initiatives. Earlier in his career, he served as vice president of national accounts for mortgage servicing / default at First American Title Insurance Company, and held a range of finance, REO portfolio management and mortgage servicing roles at Bank of America.


“With Mission Global’s expertise at providing quality control and due diligence work, we’re able to provide material value to institutional investors buying and selling loans as well as other market participants,” said Tiberio. “With market dynamics changing rapidly, there is a tremendous opportunity for Mission to provide these services to a broader swath of the market, including SFR investors looking to divest of their holdings at the peak of the market. I’m eager to tap into my real estate, financial services and mortgage background to help foster the firm’s continued growth.”


Julian joins the Mission Global team with 30 years of experience, including a financial services and mortgage banking background that covers the entire suite of end-to-end solutions throughout the life of the loan cycle. Julian served most recently as a national sales executive at Old Republic Title, where his primary initiative was focused on the growth of mortgage-related services. Earlier in his career, he was vice president of mid-market sales for First American Title, national sales manager mid-market for LSI/ServiceLink and western regional manager VP of Chase Home Finance.


Mission Global has built its reputation offering origination services, due diligence, title and collateral services for some of the largest clients in the industry, but a large part of the firm’s success is attributable to the firm’s entrepreneurial and results-driven approach,” said Julian. “With a finger on the pulse of the market and a focus on harnessing the power of technology, Mission Global has repeatedly proven itself adaptable and agile, while providing best-in-class customer service. I look forward to working on expanding Mission Global’s market presence, with a focus on lenders, credit unions and servicers in the west and nationally.”


About Mission Global, LLC

Mission Global, LLC was formed to unite the capabilities of Mission Capital’s mortgage services business with the extensive due diligence services and experience of Global Financial Review, to create a single source solution for investors.  Mission Global’s services include data integrity review, collateral document review and cure, curative title work, agency delivery and trade support, due diligence and securitization support, regulatory compliance, origination support, re-underwriting, and forensic reviews.  For more information, visit

Why Mission Capital? Featuring David Tobin (Principal)

New York (12/18/2018)

Principal, David Tobin, discusses why customers choose Mission Capital when evaluating service and solutions providers to execute capital raising or asset sale transactions.


Customers often ask us why Mission when evaluating service and solutions providers to execute on capital raising or asset sale transactions. The answer to that is threefold. Mission is a diverse platform which focuses on capital raising and on asset sales. So, we have a multi-pronged relationship with the counter-parties that we work with when representing a customer. Number two, we’ve kept the band together for sixteen years. So, Mission’s been growing since it started in 2002. We now have six offices around the country and all of the key managers that started or came to the firm since the beginning of the firm are still with the firm. And number three is that we will out-hustle, out-work and out-think our competition. We’re nimble, we’re intelligent, e have a great team and we are constantly trying to outdo our competitive set.


William David Tobin is one of two founders of Mission Capital and a founder of EquityMultiple, an on-line loan and real estate equity syndication platform seed funded by Mission Capital. He has extensive transactional experience in loan sale advisory, real estate investment sales and commercial real estate debt and equity raising. In addition, Mr. Tobin is Chief Compliance Officer for Mission Capital.
Under Mr. Tobin’s guidance and supervision, Mission has been awarded and continues to execute prime contractor FDIC contracts for Whole Loan Internet Marketing & Support (loan sales), Structured Sales (loan sales) and Financial Advisory Valuation Services (failing bank and loss share loan portfolio valuation), Federal Reserve Bank of New York (loan sales), Freddie Mac (programmatic bulk loan sales for FHFA mandated deleveraging), multiple ongoing Federal Home Loan Bank valuation contracts and advisory assignments with the National Credit Union Administration.


From 1992 to 1994, Mr. Tobin worked as an asset manager in the Asset Resolution Department of Dime Bancorp (under OTS supervision) where he played an integral role in the liquidation of the $1.2 billion non-performing single-family loan and REO portfolio. The Dime disposition program included a multi-year asset-by-asset sellout culminating in a $300 million bulk offering to many of the major portfolio investors in the whole loan investment arena. From 1994 to 2002, Mr. Tobin was associated with a national brokerage firm, where he started and ran a loan sale advisory business, heading all business execution and development.

Mr. Tobin has a B.A. in English Literature from Syracuse University and attended the MBA program, concentrating in banking and finance, at NYU’s Stern School of Business. He has lectured on the topics of whole loan valuation and mortgage trading at New York University’s Real Estate School. Mr. Tobin is a member of the board of directors of H Bancorp (, a $1.5 billion multi-bank holding company that acquires and operates community banks throughout the United States. Mr. Tobin is a member of the Real Estate Advisory Board of the Whitman School of Management at Syracuse University and a board member of A&M Sports / Clean Hands for Haiti.


December 14, 2018

In this Q&A, Michael Britvan, Managing Director Loan Sale and Asset Sale group at Mission Capital and Allison Israel, Product Manager of Mission Capital give insights into how machine learning and artificial intelligence will have a broad impact on lending operations.

How do you see artificial intelligence and machine learning impacting the mortgage space?

Israel: There are various applications for artificial intelligence across the mortgage industry, but one area where we’re already seeing machine learning make an impact is the analysis of loan portfolios.

When banks explore the sale of loan portfolios in the secondary market, they produce data tapes containing relevant loan, collateral, and borrower information from their servicing systems. Field names in these tapes frequently vary by servicing platform as there is currently limited industry standardization. For example, a data field in one loan tape might refer to “Origination Date,” while another shows “OrigDate” and a third is “Loan Origination Date.” Although each of these fields refers to the same thing, the fact that they are labeled differently means that an analyst looking to load a model might spend considerable time deciphering column headers and normalizing data.

Machine learning has the power to take this manual process and perform it automatically. For example, it is able to recognize that “OrigDate” means “Origination Date.” Additionally, when the system is processing a new tape and finds a term it doesn’t recognize, it uses natural language processing to parse the word and find the closest match. The more tapes we put through the system, the smarter it gets. A few months ago–when we first deployed the system internally–it generally recognized around 40 percent of the fields. But, as it learns more, and processes a greater number of tapes, we expect that number to climb closer to 90 percent.

Would you say that the greatest benefit of machine learning is time savings?

Israel: While time savings is an important factor, having standardized field names from the machine learning model also allows us to apply a standard set of “rules” within the same software. For example, with all tapes using the term “Origination Date,” we can tell the system that “Origination Date” must come before “Maturity Date,” and it will flag any loans that don’t comply with the rule. We currently have about 250 rules, and they are instrumental in enabling us to improve data integrity by catching data issues programmatically.

Conventionally, analysts have spent up to 80 percent of their time in Excel normalizing data, validating information in the tapes, and resolving errors. This results in very little time to analyze the value and potential of the portfolios at hand. With newly developed software, we’re leveraging machine learning to flip the scale and enable analysts to spend less time manually manipulating data tapes and more time on the actual analysis.
Across the industry, loan analysis and trading are made infinitely more efficient by introducing machine learning models and enhancing those models with historical big data. The key to leveraging big data is the ability to normalize it first.

What are the other benefits mortgage professionals realize from this technology?

Britvan: The technology empowers all mortgage professionals to validate, analyze, and visualize data more efficiently. Depending on the user and firm, this can translate into a range of different benefits.

Banks leveraging this technology might be able to gain better insight into their portfolios. By cleaning up data and eliminating errors, they are also better able to manage their service providers. For example, with a better handle on their portfolio, it will become easier for banks to spot-check loan servicers to ensure accurate reporting and potentially even audit remittances.

Investors acquiring whole loans are able to spend more time on analysis and less time cracking tapes and stratifying portfolios.

Do you think these innovations will have a broader impact on the whole loan sale market?

Britvan: Over the past decade or so, there’s been a significant shift in the perception of trading whole loans on the secondary market.

Ten or twelve years ago, selling loans on the secondary market was often an indicator that the seller had a problem on their hands, and the decision to sell stemmed from a desire to remove the problem from their books. That perception has changed. Today, the speed of transactions has increased, while the number of participants in the secondary market for whole loans has climbed significantly. Whole loans are a relatively liquid asset, and many banks routinely tap the secondary market to manage their loan portfolio.

We expect technology to increase efficiency in analyzing loan portfolios which should, in turn, expand the universe of buyers in the secondary market. Right now, most buyers considering entering the market rely on an analyst to clean and validate data prior to loading a model. With the strides we’re making in producing tools that clean up the data automatically, it allows investors to focus on finding value rather than allocating resources to data manipulation.

Do you think there are other notable tech trends that will have a significant effect on the secondary loan sale market?

Britvan: One area that has a lot of untapped potential is the incorporation of big data into mortgage analysis. When analyzing a loan portfolio, the quality of the valuation we can produce is often limited by the quality of data we receive. Key data points that are stale or absent require that assumptions be made.

By taking a big data approach to updating stale data or making assumptions, we can improve our estimates. For example, if we’re analyzing a multifamily property, we could leverage things like demographic trends, market occupancy, existing and future inventory, and housing data to make assumptions regarding a property’s current and projected future occupancy. This means that we are no longer just filling in missing or stale data but are also using historical trends to predict the market. This introduces brand-new inputs into our models that would have previously been unavailable without the breadth of data at our fingertips today.

Big data analysis of external factors, combined with proprietary market knowledge gleaned from our whole loan trading activity, will provide a better basis for secondary market participants to analyze loan tapes. We expect the industry to make significant strides in incorporating third-party data into their analysis in the years ahead.

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Impact Of Macroeconomic Trends On Residential Mortgage Industry: Favorable Credit Environment For Whole Loans Sales

[Published by the Loan Sales and Real Estate Sales Desk, Mission Capital]

New York (11/29/2018)

  • Current market conditions have created a favorable environment to monetize whole loans.
    • Strong fundamentals in the labor markets led to vastly improved credit performance and fuller valuations in the loan space.
    • Investors continue to recognize the higher returns and wider moat that whole loans offer compared to traditional bond investments.
  • As a macro-economic backdrop, the unemployment rate is now at its lowest level in almost 40 years and wages grew at a healthy pace of 2.9% over the last 12 months.
  • Alongside the positive economic developments, loan sale volumes shifted substantially from Non-Performing to Re-Performing loans as loan servicers developed practices to collect more meaningfully on charged off loans and modify impaired loans more effectually.
  • Meanwhile, the positive credit performance was offset by softness in rates, which sold off in early October in response to Fed hikes and balance sheet run off. Likewise, the Fed’s Dot Plot shows a forthcoming inversion of the discount window, signaling a looming recession.

  • Given the full valuations and improved performance, it’s an opportune time for banks to sell their assets at attractive levels so they can focus on their core business of originating new loans. Further, this source of loan product provides investment managers an opportunity to diversify their exposure away from traditional bonds and into whole loans or privately structured products that generate more attractive returns.  On the buy-side, the strong credit fundamentals provide an opportunity for funds to harvest their lower yielding assets at favorable levels so they can focus on working out more impaired assets.


About Loan Sales & Real Estate Sales

Mission Capital represents preeminent financial institutions, investors and government agencies on the sale of performing, sub-performing and non-performing debt secured by all types of commercial and consumer collateral, commercial real estate investment property and tax liens. For more information, visit