Mortgage Funding Conduit

Phoenix assists a mortgage funding conduit by managing the strategic implementation of several projects.

The Client

The client was a Mortgage Funding Conduit.

The Challenge

A European Bank developed a $130 million mortgage conduit, in conjunction with a local construction lender, to fund mezzanine loans to Florida real estate developers. The conduit consisted of over 100 separate projects. As the Florida real estate market softened significantly, the conduitā€™s default rate escalated rapidly. The European bank lost confidence in the management of the conduit by the local construction lender.

The Solution

Through their attorneys, the European Bank, hired Phoenix to evaluate the underlying collateral and advise it on the best course of action, including taking over and completing projects, paying off first lien holders to control the operations, land banking the deals, and abandoning. After this analysis, Phoenix assisted the conduit by taking responsibility to manage the implementation of the strategy for each project.

Phoenix Turnaround

Primary Industry

  • Services

Secondary Industry

  • Real Estate

    Primary Services

  • Turnaround ManagementBusiness / Operational AssessmentsStrategic Advisory