Auction.com plans to put out for bid at least two commercial real estate (CRE) loan packages per month for the next three months totaling more than $1.86 billion.
Loan packages up for bid in May include $65 million in general CRE loans the week of May 9 and $625 million in general Nevada CRE loans the week of May 16.
The company said in its last auction last week it sold 83% of a package of nonperforming notes backed by multifamily, retail, industrial, office and mobile home parks located in nine states. It said these were auctioned at 117% of the sellers' reserve with a 65% recovery rate. This was the company's first nonperforming note event, it said.
In the nonperforming note sale, there were 18,180 views of these auctioned assets, 1,340 related confidentiality agreements signed and 216 registered bidders, according to the company.
Auction.com currently has 72 institutional sellers using its platform for note and commercial real estate disposition.