First Financial Network Announces $85 Million Loan Sale on Behalf of FDIC NOVA Bank Loans Up for Sale
OKLAHOMA CITY, Jan. 23, 2013 /PRNewswire/ -- First Financial Network, Inc., the nation's leading loan sale advisor, announced today the offering of $85 million in loans on behalf of the Federal Deposit Insurance Corporation (FDIC). The loans consist of commercial real estate, residential, C&I and Asset Based Lending whole loans and loan participations held by the failed NOVA Bank in Berwyn, PA, for which the FDIC is acting as Receiver.
First Financial Network will utilize its Loan Sale Network™ platform to provide qualified investors with immediate access to due diligence information and the opportunity to place bids. Bids are due March 5, 2013.
The NOVA bank loans are being offered in two separate portfolios based on asset class. The first portfolio consists of thirteen performing and non-performing bank loan participations totaling approximately $20 million for which NOVA Bank was the lead lender. The loan participations are secured by commercial real estate properties located primarily in Pennsylvania with the largest loan having an unpaid principal balance of $3.6 million. The loan participations will be sold on an individual basis and are available to FDIC-insured institutions only.
The second portfolio consists of approximately 500 performing and non-performing commercial real estate, residential, C&I, Asset Based Lending and Home Equity Lines of Credit loans and non-lead loan participations totaling approximately $65 million. The loans are secured by commercial and residential properties located in Pennsylvania, New Jersey, New York and Florida. This offering is open to all investors that meet FDIC's vetting requirements.
According to Bliss Morris, founder and CEO of First Financial Network, "NOVA Bank and its 12 branches were closed in October of last year, opening up the door for two offerings that represent an excellent acquisition opportunity both locally in the Philadelphia area and nationally for investors and banking institutions."
Due diligence materials will be available to qualified bidders beginning February 4, 2013 at www.firstfinancialnet.com. For additional details regarding these offerings, please call 405.748.4100 or visit www.firstfinancialnet.com.
About First Financial Network
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries. In addition to loan sales, the company provides loan file imaging and indexing, loan valuation, risk management, compliance reviews, due diligence and loan sale closing services to banks, agencies of the Federal government, major foreign banks and other lenders. The company's online Loan Sale Network™ platform and Metrics, an integrated due diligence analytics system, are used in conjunction with exceptional marketing techniques to achieve optimal value in today's secondary market. For further information, call 405.748.4100 or visit www.firstfinancialnet.com.
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SOURCE First Financial Network