June 3, 2011
First Financial Network has launched marketing for a $22 million portfolio of mixed-quality commercial real estate and business loans on behalf of a bank client.
The Oklahoma City loan-sales adviser expects to take offers for the 110-loan portfolio on July 12 and is targeting to close sales by July 26. Investors will be able to conduct due diligence on loan files starting June 13.
Roughly three-quarters of the portfolio is comprised of nonperforming loans. And 63 percent are backed by business, and not real estate assets. The real estate loans are backed primarily by office, mixed-use and industrial properties. Collateral is scattered among nine states, with a nearly 52 percent concentration in New York.
For additional details, contact First Financial at (405) 748-4100.