Extending Credit to Self-Employed Borrowers; FDIC Sells Delinquent Loans; Brokers Ordering FHA Case Numbers; 2nd Credit Pulls
ByPosted To: Pipeline Press
Today is Friday, the day of the week that smaller “on the bubble” banks dread most. What happens to the delinquent loans that the FDIC and its partner banks assume? They are sold – the most recent example being the sale of a 40% equity interest in a limited liability company (LLC) created to hold assets with an unpaid principal balance of 1,062 distressed properties for approximately $762 million from 20 failed bank receiverships. 80% of the loans are delinquent. Mariner Real Estate Partners , out of Kansas, was the winning bidder (out of 
on this multi-bank transaction with a price of 30.93 percent of the unpaid principal balance. As an equity participant, the FDIC will retain a 60 percent stake in the LLC and share in the returns on the assets. The FDIC offered 1:1 leverage financing and…(read more)