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$360M IndyMac Loan Portfolio Goes to Market

PASADENA, CA-First Financial Network Inc. of Oklahoma City markets nearly 300 loans on behalf of the failed bank's commercial lending subsidiary.

By Bob Howard | Updated on September 14, 2008

PASADENA, CA-First Financial Network Inc. of Oklahoma City has started marketing a portfolio of nearly 300 performing loans totaling $360 million on behalf of Indymac Commercial Lending Corp., the commercial lending subsidiary of IndyMac Bank. Pasadena-based IndyMac was closed July 11 by the Office of Thrift Supervision, and the Federal Deposit Insurance Corp. was named conservator of IndyMac Bank at that time.

First Financial’s contract to market the loans is with Indymac Commercial lending, a First Financial spokeswoman tells GlobeSt.com. The bid date is scheduled for Oct. 21, with a closing date for the transaction scheduled for Nov. 6.

First Financial, which will market and manage all facets of the sale, says that the portfolio will be stratified into pools based on collateral and geographic location. There are concentrations of collateralized properties located in California, Texas, Ohio, Washington, Arizona and Georgia, with loans ranging in principal balance size from $205,000 to $5.75 million.

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