""DebtX"":http://www.debtx.com/, a full-service loan sale advisor based in Boston, announced Monday that it will sell approximately $500 million of mostly commercial real estate (CRE) loans on behalf of three financial institutions.[IMAGE]
""Sellers are moving aggressively to dispose of loans and benefit from stronger balance sheets,"" said Kingsley Greenland, DebtX CEO. ""Investors have an opportunity to buy a wide range of both performing and non-performing loans from these sales.""
The largest of these transactions will include $364 million of performing and non-performing loans for a Northeastern regional bank, and bidding will take place on[COLUMN_BREAK]
two separate dates. A total of $207 million in loans will be sold through the first round of bidding, including $76 million of CRE, $57 million of land/acquisition & development (Land/A&D), $52 million of commercial & industrial (C&I), and $22 million of loan participations. Bids for the first round will be due June 15. The additional $157 million in loans, including $69 million of CRE loans, $39 million of C&I, and $36 million of Land/A&D, an $8 million loan participation, and $5 million of consumer loans, will be sold through the second round of bidding. Bids for this round will be due June 21.
The next largest transaction will include $97 million of non-performing CRE loans for a bank in the South, and bidding will again take place on two separate dates. Both rounds of bidding will include income-producing properties secured by condominiums and subdivisions throughout the United States. Bids for the first round, which will include $90 million in loans, will be due June 3, and bids for the second round, including the remaining $7 million in loans, will be due June 16.
The smallest transaction will include $39 million of non-performing CRE loans for a financial services company in the South. This transaction will include loans secured by properties in South Carolina, Florida, and Georgia. Bids for loans included in this transaction will be due June 8.