Steel Mountain Eyes Performing And Nonperforming Loan Market.(Steel Mountain Capital)(mortgage loan portfolios)(alliances of Silver Point Capital)

Denver -- Four veteran mortgage acquisition specialists have teamed up to create Steel Mountain Capital, a firm that will purchase performing and nonperforming mortgage loans and other assets.

The new company, which was unveiled last month, is led by Tony Rowe, Tim Campbell, Kelly Garland and Bill Alread, who most recently worked together as senior executives of Security National Principal Acquisitions.

Over the last four years the team was responsible for acquiring and trading over $1 billion in performing and nonperforming mortgage loan portfolios.

The four principals have partnered with Silver Point Capital, an approximately $4 billion investment firm focused on credit analysis and credit-related investments, for financial backing. Silver Point and the four executives own all of the stock in Steel Mountain.

Effective immediately, Steel Mountain will seek to purchase, as a principal buyer, large or small pools of assets including performing loans, nonperforming loans, bad pay histories, missing documentation or other scratch-and-dent loans, junior liens, residuals, consumer loans, subprime loans, commercial loans and REO, simple interest, land loans and agricultural loans.

Additionally, Steel Mountain will offer client-based services, including portfolio analysis, mark-to-market services, rate-shock analysis, asset/liability management, asset-liability committee report preparation, loan sale advisory services, merger and acquisition due diligence and valuation, and mortgage loan servicing valuation and placement.

In a press release, Mr. Campbell said Steel Mountain is "uniquely positioned to provide an unmatched combination of service, expertise, flexibility and capital strength.