The bankruptcy court overseeing the liquidation of mortgage lender Taylor Bean & Whitaker has approved a "stalking horse" bid on the nonbank's real estate-owned portfolio which includes almost 2,000 properties, according to a memo obtained by National Mortgage News.
The memo notes that the portfolio has been appraised at $330 million. A stalking-horse bid is a strategy used by a bankrupt company (in this case, TBW) whereby it obtains an initial bid on its assets from an interested buyer of their choosing.
Even though the REO portfolio has been appraised at $330 million, it's unclear what the stalking-horse bid is.
TBW's chief restructuring officer plans to accept competing bids on Dec. 9. Ocala, Fla.-based TBW filed for bankruptcy protection in August after the Department of Housing and Urban Development pulled its Federal Housing Administration credentials.