A unit of Mariner Holdings LLC, Leawood, Kan., has purchased part of a $760 million portfolio of property loans from the Federal Deposit Insurance Corp (FDIC).

The disclosure on the purchase came late last week. Mariner paid roughly $52 million for a 40% stake in the portfolio or about 31 cents on the dollar including FDIC financing.

Roughly 80% of the mortgages are in arrears and include acquisition, development and construction loans for both residential and commercial projects. In total, 1,100 loans were sold by the agency.

About 34% of the loans are in Colorado, 12% in Nevada with the balance in 22 other states. 

Since May 2008 the agency has completed 18 structured asset sales, auctioning stakes in loans with a total face value of $21.2 billion.

In other FDIC auction news, last week the agency took final bids on a $23 billion residential servicing portfolio that once belonged to AmTrust Bank of Cleveland. It hopes to complete the sale in the next month or so.

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