Structured Portfolio Consists of Loans Formerly Owned by Two Failed Banks, First National Bank of Nevada and First Heritage Bank, N.A.
Assets are Located in Arizona, Nevada, New Mexico, Texas and California.
The deal closed Fri., Feb. 20 and includes assets in Arizona, Nevada, New Mexico, Texas and California.
“Our goal is to work out the best disposition of these assets for the FDIC, for investors and for borrowers,” said James Lee Sorenson,(top right photo) Sorenson Group Holdings founder and lead investor. Sorenson is also CEO of The Sorenson Group, a developer of prime real estate along Utah’s Wasatch Front, including the 7,000-unit master-planned Rosecrest community. Sorenson Group Holdings will own the loan portfolio and The Sorenson Group will manage it.
The FDIC has been selling structured portfolios of residential and commercial loans
from failed banks, giving portfolio investors the opportunity to make investment returns by working out resolution of the loans in ways beneficial to the borrower and lender. Portfolio investors share a percentage of sale proceeds with the FDIC. The Sorenson Group Holdings portfolio is made up of loans from two banks closed in 2008 by the FDIC: First National Bank of Nevada, Reno, Nevada; and First Heritage Bank, N.A., of Newport Beach, California (owned by First National Bank Holding Co., Scottsdale, Arizona).
The two other Sorenson Group Holdings partners are Tim Fenton and Joe Sorenson, also directors of The Sorenson Group. Both Fenton and Joe Sorenson have extensive large-scale commercial development experience.
About Sorenson Group Holdings Sorenson Group Holdings LLC is an investment fund founded by James Lee Sorenson to invest in real estate and distressed loan portfolios, which are then managed by The Sorenson Group.
Acquisitions may include failed bank loans from the FDIC, bank loan assets and other real estate investments. Sorenson Group Holdings seeks targeted returns for investors through opportunistic acquisitions that leverage the extensive real estate development and management experience of the principals.
Contacts:
Investor Relations, Mark Staples, 801-461-9738, mark@thesorensongroup.com
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