September 16, 2011
First Financial Network has launched marketing of a $100 million portfolio of performing and nonperforming commercial real estate and business loans.
The Oklahoma City loan-sales specialist is offering the portfolio on behalf of a bank client.
Roughly 60 percent of the portfolio, by balance, is comprised of nonperforming debt. The remainder is made up of performing loans. Comercial real estate mortgages make up nearly half of the assests.
Loans are backed by properties or assets in New York and California.
First Financial has divided the portfolio into pools, based on collateral type, performance and location. Investors will be able to bid for pools or the portfolio in its entirety. First Financial will take offers on Oct. 12.
Separately, it is offering a $3.7 million package of real estate and business loans for the FDIC. Collateral - land, residential properties and other assets - is in Oklahoma. Bids are due Sept. 27.