Merrie Duncan, marketing director with First Financial Network Inc. of Oklahoma City, says the non-bank national lender currently holding the paper is bringing the loan portfolio to market to bring liquidity back to the company for future lending activities. First Financial Network is marketing the portfolio.
Duncan says June 16 will launch the due diligence period, with bids to be accepted July 22. The closing will take place Aug. 8.
First Financial Network is in the process of underwriting the portfolio, so asset sizes and locations were not readily available. Duncan says the loans are for properties like restaurants, hotels and motels all over the country.
"The loans will be stratified into pools, according to borrower relationship," Duncan tells GlobeSt.com. "This will allow more people to play, increases bidding opportunities and means we can be more selective." Bids will be accepted for individual properties, loan pools or the entire portfolio.
Bliss Morris, First Financial Network's president and CEO, says the offering provides a good opportunity for investors that might be looking at performing commercial real estate loans. "We are seeing increased sales volume from all sectors as secondary market participations continues to escalate," she says in a press release about the upcoming sale.
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