June 8, 2010
Mission Capital Advisors Reaches $3 Billion in Loan Sales Using ShareVaultTM Virtual Data Room
Industry Leading Virtual Data Room Helps Mission Capital Exceed Their Goals for Selling Distressed Real Estate Loans
LOS GATOS, Calif.-(BUSINESS WIRE)-Real estate has gone to the head of the class as far as investors in distressed assets are concerned. In fact, a recent North American Distressed Debt Market Outlook Survey showed that real estate loans represent the best sector for financial investment opportunities in 2010. Mission Capital Advisors, a rapidly growing financial advisory firm whose primary clients are banks and large government agencies, has experienced tremendous growth in the sales of residential and commercial real estate whole loans over the past several years. As a result of this explosive growth, Mission Capital was in need of a way to set up a data room system that could help expedite the increasing number of deals being completed. Mission Capital chose ShareVaultTM from Pandesa, a leading provider of next generation virtual data rooms, to securely share sensitive or confidential due diligence documents that would enable them to grow and maintain a competitive edge in the rapidly expanding, fast paced real estate loan portfolio sales market.
“We have developed what we believe to be the most advanced, most intuitive virtual data room on the market and plan to continue to maintain our product leadership position moving forward.”
Mission Capital had been using more antiquated manual processes for conducting due diligence for large commercial and residential real estate loan deals, including providing document materials via DVD-ROM, VPN or paper files to hundreds of potential buyers. They were looking for a way to increase the efficiency of all of the processes required for end-to-end high value loan pool sales transactions but at an affordable cost. Mission Capital chose ShareVault over several other well known virtual data room providers due to its intuitive nature, ease of use, excellent customer service, high performance, self administration capabilities and reasonable price tag. A feature that sealed the deal was the ShareVault API that allowed Pandesa, ThinkTech and Mission to develop a solution that is tightly integrated with Salesforce.com to further increase the efficiency of the entire sales process. Mission’s clients were rewarded with a rapidly accelerated due diligence process and a loan pool sale cycle with more competitive bidding, which maximizes sale prices.
Other key benefits that Mission Capital found extremely valuable were the speed of the application, the secure document protection features, the flexible, comprehensive reporting system and the platform’s ability to scale. These were also benefits that Forrester Research uncovered in a recent Market Overview, which included the Virtual Data Room segment. The report identified ShareVault as one of the key competitors in this market, which Forrester expects to grow to almost $1 billion in revenue by 2013.
Today, some of the individual Mission Capital loan sale deals involve $500+ million loans with over a thousand bidders. Mission Capital and Pandesa developed a sealed bidding process, integrated within ShareVault, which has created excellent efficiencies relative to the manual sealed bidding methods they used in the past. In addition, ShareVault provides real time deal intelligence about bidders via its extensive audit and tracking features, which provides invaluable feedback to the bank client regarding the interest level of each bidder in specific loans or loan pools.
“ShareVault has been a great help to our business,” states Mission Capital Managing Director Stephen Emery. “It has helped our firm grow and continues to enable us to stay way ahead of our competition. ShareVault has been a great partner and has helped us focus on the business development, asset valuation and trading components of our business. ShareVault also has the safety, security and dependability that our clients demand.”
“We are very pleased that a key customer such as Mission Capital places such a high value on ShareVault as a cornerstone of their commercial operation,” says Pandesa CEO Richard Andersen. “We have developed what we believe to be the most advanced, most intuitive virtual data room on the market and plan to continue to maintain our product leadership position moving forward.”
About Mission Capital:
Mission Capital Advisors, LLC is one of the leading boutique financial advisory firms in the country, specializing in structuring the sale of performing, sub-performing, non-performing and charged-off residential, commercial, C&I and consumer loan portfolios and providing Fannie Mae, Freddie Mac and FHAVA buyout agency delivery, cash sale and transaction management services. Mission has advised a variety of leading financial institutions on more than $26 billion of loan sale and financing transactions and in excess of $13 billion of Fannie Mae, Freddie Mac and FHAVA buyout agency delivery and cash sale transactions since its inception in 2002. Mission Capital’s business model provides a unique competitive advantage over other firms in their industry because they are a market leader in both the commercial and residential whole loan advisory services space. For more information visit: www.missioncap.com.
About Pandesa:
Pandesa Corporation develops and markets ShareVaultTM, the intuitive next generation virtual data room software for secure online sharing of sensitive documents during due diligence and other critical business processes. ShareVault provides an on demand platform that enables its customers to manage critical time-sensitive and document-centric processes. Pandesa is based in Los Gatos, California, with development offices in Bangalore, India. For more information, visit: www.pandesa.com.
