6.7 C
New York
Friday, March 29, 2024

FDIC Sells $234 Million Of CRE Loans At 30% Discount, Beal Bank Largest Bidder

Courtesy of Tyler Durden

The FDIC keeps auctioning off its busted CRE loan portfolio, most of it remnants collected from failed banks which it had to pick up. With the recent additions of Colonial and Guaranty, look for this list to explode. In the meantime, in June, Sheila’s agency saw only 45 CRE loans auctioned off, for a total of $234 million at a $163 million purchase price, a 30.4% average discount, which has been declining over the past 5 months in line with the overall market.

As a point of reference in March, the FDIC auctioned off 1,328 performing and non-performing loans in for $218 million, which at that time was a 54% discount. And once again, as has been the norm, the biggest buyer in size is Andrew Beal’s LNV Corporation, who seems to be in some hot water lately, $1.1 billion worth of hot water to be precise.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,450FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x