FirstCity Financial Corp (FCFC) plans to issue commercial mortgage-backed securities backed primarily by non-performing loans, according to a presale report published by Kroll Bond Rating Agency.

The deal, VFC 2014-2, consists of 1,610 assets including 1,068 non-performing loans, 354 performing loans, and 188 real-estate-owned properties.  These assets, which have an aggregate unpaid principal balance of $834.5 million, were acquired for $386.3 million by FirstCity.

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