OKLAHOMA CITY—First Financial Network, Inc. isoffering of a portfolio containing $45 million of 1st trust deedsecured performing SBA loan participations. Theportfolio is being marketed on behalf of a bank and bids are due onJune 3.
FFN is offering a 15% non-guaranteed certificatedparticipation interest in each loan in the portfolio ofapproximately 400 SBA 7(a) commercial real estate loans. Collateralproperties are located in California, Texas, Arizona,Nevada, Oregon and Washington. Online duediligence materials will be made available to qualified investorsbeginning on May 5 at www.ffncorp.com. The loanswill be stratified into nine pools based on geographiclocation.
The portfolio carries a weighted average coupon of5.56%, that adjust quarterly indexed to "PrimeRate" as published in the WSJ and have a weighted average maturityof 286 months. The remaining non-guaranteed 10% interest in eachloan, as well as servicing, will be retained by the seller.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
