Friday, September 25, 2009

First Financial Offering Performing Loans

CRE Direct 9.25.09

First Financial Network will shortly start marketing a $40 million portfolio of performing commercial real estate and business loans on behalf of a finance company client.The Oklahoma City loan-sales specialist plans to take offers for the 37-loan portfolio on Oct. 21. And it will take offers on individual loans.

That’s contrary to its typical practice of grouping similar loans in pools.The loans have a weighted average coupon of 7.253 percent and are backed by properties scattered among 15 states, with concentrations in California, Florida, Utah and Oregon. Loans totaling 24 percent of the portfolio’s balance are backed by retail properties, another 23 percent are backed by warehouses and 13 percent by industrial properties. A total of 12 percent are secured by office buildings and 4 percent by apartment properties. Auto sales and repair shops account for 9 percent of the portfolio.

Separately, First Financial is offering a $250 million portfolio of agricultural loans on behalf of the FDIC, which assumed them through its seizure of New Frontier Bank of Greeley, Colo. It will take offers on Oct. 20. And it is offering a $12 million portfolio of business and consumer loans from the failed Bank of West Georgia in Villa Rica, Ga.