Mission Capital Advisors, a boutique investment bank, closed the sale of two residential mortgage loan portfolios totaling $195 million.
Joseph Runk, Jr., a principal at the firm, cited the extensive group of loan portfolio buyers as evidenced by the varied locations of the loan collateral.
Even in this constrictive environment, were still seeing a broad group of loan portfolio buyers willing to buy geographically diverse portfolios, and sellers with exposure to multiple states across the United States, Runk said.
The first transaction, which was a $157 million portfolio, had loans backed by real estate collateral in 40 states. The portfolio comprised 73 performing and 437 subperforming and non-performing first and junior lien residential mortgage loans as well as 78 real estate owned assets.
The second transaction, a $37 million portfolio, had loans backed by real estate collateral in 31 states. It was made up of 99 performing and 68 subperforming and nonperforming first and junior lien residential mortgage loans
There are a significant number of buyers entering the market who are seeking to add to their portfolios, Runk said. He hopes that the additional capital from these sales will provide sellers with more opportunities to better manage loan portfolios, and consequently help to stabilize the market.