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Franklin Nabs $100 Mil Portfolio

Scratched and dented loans bought from Master Financial

October 22, 2004

By MortgageDaily.com staff

In its quest to acquire scratched and dented mortgage pools, Franklin Credit Management Corp. has picked up another pool of less-than-perfect loans.

The specialty financial services company recently announced its purchase of a mixed pool of loans from national mortgage banker Master Financial Corp., N.A.

With a face value of $99.3 billion, the pool is backed by single-family residences, and consists of performing, subperforming, and nonperforming mortgage loans and related servicing rights.

"On a pro forma basis, the purchase expands our Net Notes Receivable portfolio by more than 12.6%, to approximately $732 million as of June 30, 2004," Franklin's chief executive Jeffrey Johnson said in a written statement. "We expect the acquisition of this mortgage pool to be accretive to net income and earnings per share in the twelve months following the closing of the transaction."

When Franklin announced in July its purchase of $310 million in first and second mortgages from Bank One in July, the Net Notes Receivable amounted to $654 million as of the end of the first quarter.

The latest purchase was funded by an extension of the Franklin's Senior Debt facility with Sky Financial Bank, which, under terms of the agreement, bears interest at a rate initially equal to 5.5% adjusted monthly, according to the announcement.

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