January 25, 2013
Mortgage Observer Weekly
Loan sale adviser First Financial Network is marketing $85 million in loans—including commercial real estate, industrial and residential—for the Federal Deposit Insurance Corp. The loans were previously held by Berwyn, Penn.-based NOVA Bank, which was shut down by the Pennsylvania Department of Banking on October 26, 2012.
The loans are being divided into two groups based on asset class. Qualified bidders can get ahold of due diligence materials starting February 4, 2013, on FFN’s website.
“NOVA Bank and its 12 branches were closed in October of last year, opening up the door for two offerings that represent an excellent acquisition opportunity both locally in the Philadelphia area and nationally for investors and banking institutions,” said FFN founder and CEO Bliss Morris.
The first group is made up of roughly $20 million in performing and nonperforming participations—13 loans in all, for which NOVA Bank was the lead lender. They’re secured by Pennsylvania commercial real estate properties. They’ll be sold individually to FDIC insured institutions. The second group contains about 500 performing and nonperforming loans, secured by commercial and residential properties in Pennsylvania, New Jersey, New York and Florida. Investors for this pool must meet FDIC requirements.
Over the past five years, FFN has handled over 33 FDIC transactions totaling $13.6 billion. The firm announced in late January 2013 that it had signed an additional five-year agreement with the agency to “value, market and sell assets held in FDIC receiverships.”