The innovative AssetExchange.com plans to venture into new territory in the upcoming months.
The online network, the first of its kind to offer financial institutions the ability to buy and sell loan portfolios over the Internet, has acquired two new executives and will be offering new products as well.
"We're moving into commercial real estate and other asset classes," said William Koo, chief executive officer and co-founder of the company. "We will be moving to commercial real estate in a couple of weeks and other asset classes as quickly as we can," Koo added.
A new addition to the company John McMenamin, Jr. has signed on as senior vice president. Formerly portfolio acquisition sales officer with MBNA, McMenamin will concentrate on working with banks, credit unions and private label card companies who wish to buy or sell portfolios.
New senior vice president William Greenleaf will be leading the development of the commercial mortgage portfolios. Coming from Dynex Commercial Inc. in Richmond, Va., Greenleaf has 13 years of experience in commercial real estate lending, valuation, securitization and portfolio management.