On Wednesday, First Financial Network announced the offering of $85 million in commercial real estate loans, residential loans, C&I and Asset Based Lending whole loans, and loans from the failed Nova Bank on behalf of the FDIC.
The loans from the failed Pennsylvania-based NOVA Bank will be offered in two separate portfolios based on asset class. The first portfolio is comprised of 13 performing and non-performing bank loans totaling $20 million, for which NOVA Bank was the lead lender, and will be sold on an individual basis. The loans are only available to FDIC-insured institutions.
The second portfolio contains approximately 500 performing and non-performing residential, commercial real estate, C&I, Asset Based Lending whole loans and Home Equity Lines of Credit loans totaling $65 million. The loans are secured by residential and commercial properties across Florida, New Jersey, New York and Pennsylvania.
Additionally, FFN, which is the nation’s leading loan sale advisor, signed a five-year agreement with the FDIC to value, market and sell assets held in receivership. Over the past five years, FFN has sold more than $13.6 billion in transactions for the FDIC.
“We’ve always enjoyed an excellent relationship with the FDIC, and we look forward to continuing this long partnership and facilitating the successful disposition of loans on their behalf,” FFN Founder and CEO Bliss Morris said.