First Financial Network Announces $80 Million Residential Loan Sale
OKLAHOMA CITY, March 9, 2017 /PRNewswire/ -- First Financial Network, Inc. (FFN) today announced the offering of $80 million in performing and non-performing residential real estate mortgages on behalf of the National Credit Union Administration (NCUA).
The portfolio contains approximately 793 loans and nearly 75% of the loans are classified as performing. Collateral properties are located nationwide with concentrations in California, Nevada, Ohio and Florida. The Weighted Average Coupon of the portfolio is 4.82%. The loans are being offered in pools for bidding based on servicing, performance, collateral type and location.
Preliminary due diligence information will be made available at www.ffncorp.com beginning March 13, 2017. The NCUA is simultaneously providing on-site file review for qualified bidders in Austin, TX. Bids are due on April 11, 2017 at 12:00 pm CT.
According to Bliss Morris, CEO of First Financial Network, "Given both the rising market demand and size of the portfolio, we expect strong investor interest and active bidding for this residential loan portfolio. We look forward to a favorable resolution of the portfolio on behalf of the NCUA."
For additional details regarding the offering or to schedule a due diligence appointment, please call 405.748.4100 or visit www.ffncorp.com.
About First Financial Network (FFN)
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries. The company provides loan valuation, loan sales, trade support services, compliance reviews and due diligence services to banks, agencies of the Federal government, major foreign banks and other lenders including FDIC, NCUA, FHLBs, Fannie Mae, Freddie Mac, foreign central banks and other financial institutions. The company's online Loan Sale Network™ platform and FirstValue™, a market-driven loan valuation model, are used in conjunction with exceptional marketing techniques to achieve optimal value in today's loan sale market. For further information, call 405.748.4100 or visit http://www.firstfinancialnet.net.
Contact:
Merrie Duncan: 405-748-4100 or [email protected]
SOURCE First Financial Network, Inc.
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