Business
Heritage Global Inc. Provides Results for Consumer Financial Sales
- Generated $749 Million in Asset Sales in the Second Quarter of 2020 - SAN DIEGO--(BUSINESS WIRE)-- Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage
About this update from Heritage Global Inc.
[{"type":"text","content":"\n- Generated $749 Million in Asset Sales in the Second Quarter of 2020 -\n\n SAN DIEGO--(BUSINESS WIRE)--\nHeritage Global Inc. (OTCQB: HGBL, CSE: HGP) (“Heritage Global,” “HGI” or “the Company”), an asset services company specializing in financial and capital assets, today announced results for its National Loan Exchange (NLEX) consumer financial asset sale division for the second quarter of 2020. Results included 113 individual sales consisting of an aggregate $749 million face value of distressed financial assets across a wide variety of financial sectors. Furthermore, offering and closing activity picked up on a sequential quarter basis for the NLEX Real Estate Non-Performing Loan (NPL) and Real Estate Owned (REO) division.\n\n\n“The strong sales results during the COVID-19 pandemic reinforce our financial asset division’s flexibility in working with both creditor clients and buyers to adapt to the changing environment,” said David Ludwig, President of NLEX. “Creditors offering forbearance and extending terms to debtors, combined with collection concerns including various state restrictions, created a challenging market path for debt sales. That said, we continued to successfully navigate through the difficult environment and conduct and negotiate sales on behalf of our partner clients without interruption, while providing the highest security for all participants given our best-in-class compliance infrastructure.”\n\n\n“Pricing in July has recovered to at or near pre-COVID-19 levels as debtors have performed above expectations,” Mr. Ludwig continued. “We anticipate rising sales volumes over the balance of 2020 and into 2021 as COVID-19 impacts consumers economically.” NLEX plans to offer over $600 million of distressed financial assets in August across a wide variety of asset classes.\n\n\nSecond quarter 2020 highlights include:\n\n\n\n$749,100,000 of financial assets sold\n\n\n$52,750,000 total purchase price\n\n\nServed 17 clients across different verticals:\n\n\nFinTech\n\n\nAuto Finance\n\n\nBank and Credit Card\n\n\nCredit Union\n\n\nEnergy\n\n\nConsumer Lenders\n\n\nMortgage\n\n\n\n\n\nOver the course of over 25 years, NLEX has successfully conducted consecutive monthly sales with more than 5,000 sales representing over $150 billion in transactions.\n\n\nAbout Heritage Global Inc. (www.heritageglobalinc.com)\n\n\nHer...