On behalf of the ""FDIC"":http://www.fdic.gov/, ""First Financial Network, Inc."":https://www.ffncorp.com/ (FFN) is selling $85 million in loans from the failed NOVA Bank based in Berwyn, Pennsylvania.[IMAGE]
On October 26, 2012, state regulators ""closed"":http://www.dsnews.com/articles/pennsylvania-bank-failure-raises-tally-to-47-2012-10-29 the bank and FDIC became the appointed receiver.
Through FFN's Loan Sale Network platform, qualified investors will have access to due diligence information and will also be able to place bids, which are due March 5, 2013. Due diligence materials will be available to bidders on February 4 at ""FirstFinancialNet.com"":https://www.ffncorp.com/.
The loans for sale include commercial real estate, residential, C&I and asset based lending whole loans, and loan participations held by NOVA. According to a release, the NOVA bank loans are offered in two separate portfolios based on asset class.[COLUMN_BREAK]
The first portfolio consists of thirteen performing and non-performing bank loan participations in which NOVA was the lead leader and add up to about $20 million.
The loan participations are secured by commercial real estate properties mainly located in Pennsylvania. The loan participations will be sold on an individual basis and are only for FDIC-insured institutions.
The second portfolio holds about 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 about $65 million. The loans are secured by commercial and residential properties in Pennsylvania, New Jersey, New York, and Florida. This offering is open to all investors as long as they meet FDIC's vetting requirements.
""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 Bliss Morris, founder and CEO of FFN.
Headquartered in Oklahoma City, Oklahoma, FFN sells billions of dollars in loans and other assets in 28 countries. The company also provides loan file imaging and indexing, loan valuation, risk management, compliance reviews, due diligence and loan sale closing services to banks, agencies of the Federal government, major foreign banks, and other lenders.