First Financial Network, Inc. Announces $45 Million 1st Trust Deed Secured Performing SBA Loan Participation Sale
1st Trust Deed Secured Non-Guaranteed SBA Loan Participations Up for Sale
OKLAHOMA CITY, April 24, 2014 /PRNewswire/ -- First Financial Network, Inc. (FFN) announced today the offering of a portfolio containing $45 million of 1st trust deed secured performing SBA loan participations. The portfolio is being marketed on behalf of a bank and bids are due on June 3, 2014.
FFN is offering a 15% non-guaranteed certificated participation interest in each loan in the portfolio of approximately 400 SBA 7(a) commercial real estate loans. Collateral properties are located in California, Texas, Arizona, Nevada, Oregon and Washington. Online due diligence materials will be made available to qualified investors beginning on May 5, 2014 at www.ffncorp.com. The loans will be stratified into nine pools based on geographic location. The portfolio carries a weighted average coupon of 5.56%, that adjust quarterly indexed to "Prime Rate" as published in the WSJ and have a weighted average maturity of 286 months. The remaining non-guaranteed 10% interest in each loan, as well as servicing, will be retained by the seller.
Bliss Morris, Founder and CEO of FFN, said, "In today's environment, this offering presents a unique opportunity to fulfill a requirement to grow earning assets by acquiring a performing portfolio with a strong yield and no interest rate risk. We anticipate major interest from banks, credit unions and non-bank SBA lenders."
For additional details regarding the offering, please call 405.748.4100 or visit www.ffncorp.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 data normalization, loan file imaging and indexing, loan valuation, compliance reviews and due diligence services to banks, agencies of the Federal government, 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.ffncorp.com
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Contact:
Merrie Duncan – 800-245-8695 – Email
SOURCE First Financial Network, Inc.
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