Bid4Assets, a full-service asset disposition firm that specializes in selling assets from distressed situations, has been awarded a contract by the FDIC to sell a $5.3 million portfolio of automobile loans on its Web site (www.bid4assets.com/fdic). The FDIC is acting as receiver for the Bank of Falkner located in Falkner, Miss. Bid4Assets was awarded the contract through a competitive bid process.
This loan sale will be held online on Feb. 28, 2001. The sale includes sub-performing, non-performing and charged-off loans. Bid4Assets will have information about due diligence available online, according to company officials. Interested bidders must complete and return a confidentiality agreement in order to review due diligence material. The confidentiality form is available on www.bid4assets.com/fdic. Bidders who are unable to bid online can contact Bid4Assets toll free at (800) 257-1471.
"Through our aggressive marketing strategy, comprehensive online due diligence package and secure bidding platform, we are confident that we can help the FDIC earn maximum return for this loan portfolio," said Bid4Assets CEO Tom Kohn. "By utilizing the Internet, loan sellers can slash the time to sale and reduce costs. Bid4Assets opens loan sales to a larger pool of buyers and helps generate a higher return by leveraging the Internet."
Bid4Assets bills itself as "the only full-service asset disposition company using the power of the Internet to provide financial institutions and other sellers with an effective disposition channel for the sale of their distressed and sub-performing assets." The company's online trading platform and disciplined sale process offers institutional clients a secure and efficient service to dispose of commercial, consumer and real estate loans, according to Kohn.
About Bid4Assets
Bid4Assets, Inc. (www.bid4assets.com) is a full-service asset disposition firm that specializes in selling assets from distressed situations.
The company sources assets from financial institutions, government agencies, bankruptcies and private industry. Bid4Assets combines a centralized Internet marketplace with essential offline solutions to sell financial instruments, real estate, intangible property, personal property and bankruptcy claims to a worldwide network of sophisticated buyers more quickly and efficiently than traditional methods. Since its launch in November 1999, Bid4Assets has conducted more than 2,000 auctions for assets in all 50 states.
The company is located in Silver Spring, Md., phone (301) 650-9193, fax (301) 650-9194.
