OKLAHOMA CITY-First Financial Network, Inc., the nation's leading loan sale advisor, announced today the offering of $85 million in loans on behalf of the Federal Deposit Insurance Corporation (FDIC). The loans consist of commercial real estate, residential, C&I and Asset Based Lending whole loans and loan participations held by the failed NOVA Bank in Berwyn, PA, for which the FDIC is acting as Receiver.
First Financial Network will utilize its Loan Sale Network™ platform to provide qualifiedinvestors with immediate access to due diligence information and the opportunity to place bids.
Bids are due March 5, 2013.
The NOVA bank loans are being offered in two separate portfolios based on asset class. The first
portfolio consists of thirteen performing and non-performing bank loan participations totaling approximately $20 million for which NOVA Bank was the lead lender. The loan participations are secured by commercial real estate properties located primarily in Pennsylvania with the largest loan having an unpaid principal balance of $3.6 million. The loan participations will be sold on an individual basis and are available to FDIC-insured institutions only.
The second portfolio consists of approximately 500 performing and non-performing commercial real estate, residential, C&I, Asset Based Lending and Home Equity Lines of Credit loans and non-lead loan participations totaling approximately $65 million. The loans are secured by commercial and residential properties located in Pennsylvania, New Jersey, New York and Florida. This offering is open to all investors that meet FDIC's vetting requirements.
According to Bliss Morris, founder and CEO of First Financial Network, “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.”
Due diligence materials will be available to qualified bidders beginning February 4, 2013 at www.firstfinancialnet.com.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
