CENTURY CITY, CA-A national bank has gone to market with a portfolio of 22 performing and non-performing loans, plus three REO properties, and has named locally based Verona Capital Markets Inc. as adviser to market the portfolio. Eliav Dan, co-founder and managing principal of Verona, tells GlobeSt.com that the portfolio consists primarily of California assets and is composed of 15 distinct “loan relationships” that include the 25 assets. The assets are being offered both on a portfolio basis and as individual “loan relationships” for each of the 15 relationships.

Over 80% of the collateral in the portfolio is in California, according to Dan, with the rest in Arizona, Nevada and Florida. The 25 individual assets range across the real estate spectrum, including land, retail, industrial, office, mixed use, warehouse and retail food service locations. Of the 22 notes,15 are fixed-rate loans and the remaining seven are floating-rate. The three REO properties consist of a golf course in California and residential land lots in California and Nevada.

The assets run the gamut from performing to distressed and are likely to attract a broad range of bidders, according to Dan. Depending on the assets, some might appeal to investors, some to investors and/or owner-users and some to banks. “Some commercial banks might have an appetite to buy them because they are seasoned loans,” he points out.

Dan notes that the bank that is selling the portfolio is not distressed but is marketing the loans to improve its balance sheet. Chad Buelow, Verona co-founder and managing principal, says the offering of the portfolio is part of an ongoing trend. “While it’s not the torrent we expected, it’s more than a trickle these days,” Buelow says. “Banks are finally starting to move some of these assets that we’ve been waiting for, and this is just another example of that.”

The deadline for bids on the portfolio is Dec. 2. The outside closing date is Dec. 21.