Investors are being solicited to bid on a small portfolio of nonperforming home-equity lines of credit with an east coast concentration.
The offering is for 98 nonperforming HELOCs with a collective principal balance of $33 million. The seller in the transactions is a bank.
Eighteen of the properties securing the loans are located in Florida, while another 17 are in Maryland and 11 are located in New York.
Mortgage Industry Advisory Corp., which announced the deal, said it has sold loans for the bank in the past.
On a weighted-average basis, the coupon is 3.847 percent, the loan-to-value ratio is 108 percent and the age is 336.5 months.
The loan data was provided by the seller as of June 30.
Sixty percent of the HELOCs have mortgage insurance for $19 million.
A loan tape will be provided by MIAC after a non-disclosure agreement is executed.
Interested parties should contact
MIAC Vice President Whole Loan Sales, Trading, Brendan Teeley at 212.233.1250 x 281 or [email protected].
