Like many financial institutions nationwide, you probably have a considerable amount of charged off loans from the last 4 years.  Also, like many financial institutions, you might not know that your charged off loans have value to a debt buying company.

Charged off loans are the dirty words in modern banking.  You have lent funds to a customer, and it went bad.  It is most likely due to a loss of job, divorce, injury, or in modern times: COVID.  When this happens on a large scale, you are left with considerable loss.  Now, we are sharing a great secret in the charged off world that you might not know exists.  Selling your charged off loan portfolios.

Cherrywood Enterprises is a debt buying entity that has been in that space for over 9 years, with their CEO Craig Geisler having spent over 14 years in the debt buying arena.  Cherrywood Enterprises has worked with banks, credit unions, auto lenders, and commercial lenders, nationwide, helping these entities understand the value of their charged off portfolios, and infusing capital back in these financial sectors.\

What are the benefits of selling your charged off loan portfolios?

• Create much-needed liquidity through a cash infusion from the sale of the distressed debt
• Bolster the bottom line now versus waiting months or years for collection efforts to take effect
• Reduce ongoing costs associated with internal collections as well as management of third-party agencies
• Lessen or eliminate reliance on third-party collection agencies
• Eliminate months or years of waiting without a guarantee of a return — a major benefit when factoring in the time value of money
• Protect your brand — this is typically the effect of a debt buyer owning the purchased accounts outright, having a longer time horizon, and, therefore, a strong incentive to work professionally with debtors and obtain repeat business from you

The process of selling your charged off debt portfolios is simple: we first send you a Mutual NDA to protect both parties’ proprietary information.  We also send you a blank Excel Spreadsheet with the headers of information we would need to review your portfolio, and in addition, we would need the sample docs for 1 account.  It takes us approximately 3-5 business days to review these docs, and we will come back with an offer for your portfolio.  Once we agree on price, we send you a Purchase and Sale Agreement for both parties to sign, and within 24 hours of receiving that signed agreement, funds are wired directly into your account.  Once you have the funds, we would need the backup docs for all of the accounts sold, and we are on our way.

It’s that simple!

No further action is required on those accounts that you have sold!  Plus, this is a program that you can do on a monthly, bi-monthly, quarterly, or annual basis!  It’s just a matter of changing dates and numbers!

To get started, feel free to call us at (561) 508-7650, or email our CEO directly at cgeisler@cherrywoodenterprises.com

Come and see how easy and beneficial selling your charged off loan portfolios can be!