A pool of first and second mortgages are being offered for sale to the highest bidder. Included in the offering are performing and non-performing loans.
Bids are being taken on 1,667 residential loans that have an aggregate unpaid principal balance of $97.4 million. The loans are segregated into four sub-pools.
Two sub-pools of performing loans include
1,060 second-lien mortgages for $47.9 million and 294 first-lien loans with a collective balance of $28.4 million.
Another two non-performing sub-pools include 265 second liens for $15.4 million and 48 first liens for $5.7 million.
The offering was announced by
MountainView Financial Solutions, the exclusive sale advisor for the seller — an East Coast-based fund.
“It’s rare to see such a large amount of second-lien performing loans in the market, so we expect a high level of interest in this sub-pool from banks and other frequent buyers of seconds,” MountainView Managing Director Jonas Roth said in the statement. “We also expect aggressive competition for the other sub-pools from investors who focus on specific product types. Due to high demand, seasoned residential assets, whether performing or non-performing, are getting bid to record low level yields.”
The seller will accept bids on the entire offering or on individual sub-pools.
Bids are due by April 3. Interested parties can contact Troy Rusniak at 303.633.4739 or [email protected].
