Newport Beach-based distressed-debt specialist Sabal Financial Group LP has acquired a $204 million loan portfolio from the Federal Deposit Insurance Corp.
The bundle is part of a larger portfolio sale of more than 50 recently failed banks throughout the U.S. It consists of performing and nonperforming commercial and residential loans, all of which are secured by properties across the U.S.
“This is our fourth FDIC transaction, and we are currently bidding on others,” Chief Executive Pat Jackson said. “Because of the recent influx in deals flooding the market, deal flow has been strong.”
Sabal also tapped Ron Warwick as chief financial officer.
He will manage Sabal’s funds and oversee investor reporting and income tax strategies.
Warwick most recently worked for the commercial services division of Aurora Bank in Lake Forest, where he served as senior vice president and chief financial officer. The bank is headquartered in Wilmington, Del.
Warwick is a veteran of the Orange County finance sector. He previously worked for Finance America LLC, a residential mortgage lender in Irvine. He also spent 15 years at Fremont Investment & Loan in Brea, which was acquired by Houston, Texas-based Litton Loan Servicing LP in 2008.