Investors are being sought for the potential sale of non-performing mortgages that are being sold at a substantial discount.
The offering is for 44 non-performing single-family loans that have a collective
unpaid principal balance of $4.3 million.
While the location of the properties securing the residential loans is geographically diverse, there is a midwest focus.
Mortgage Industry Advisory Corp. announced the offering Tuesday.
The “seller is a fund who is liquidating a pool of residential NPLs that do not match the core strategy of the fund,” MIAC said.
The weighted-average coupon is 5.652 percent.
The seller expects to unload the loans at a price in the sixties based on broker price opinions.
MIAC said that the bid date has yet to be determined.
Interested bidders should contact MIAC Senior Vice President Brendan Teeley at 212.233.1250 x281 or [email protected].
