$48M Loan Portfolio Comes to Market

Mission is soliciting final bids for the purchase of individual loans/REO, any combination of loans/REO or the entire portfolio, secured by a variety of collateral types. Overall, there are 17 loans or REO assets available, including five loans in Florida, four loans in South Carolina and six loans and two REO assets in Georgia.

They include construction and refinancing loans on office, residential, retail and industrial properties, with unpaid principal balances ranging from $882,000 to $8.6 million. Final bids are due on March 23, according to an offering memorandum.

"The portfolio is divided into several single asset pools, allowing investors to target specific assets by performance, collateral type or geography based on their individual acquisition criteria," says Will Sledge, director at Mission, in a release. "Another appealing aspect of this offering is that many of the assets include vertically constructed elements that can or do provide cash flow to offset operating expenses."

Last month, Sledge told GlobeSt.com that "relative to our asset sales last year at this time, we have two to three times the amount of debt in the market. We do see an uptick in the need for services like ours. It's likely that over the next couple of weeks, we'll be engaged to market other portfolios on behalf of other institutional clients."

Sledge told GlobeSt.com that the uptick in large portfolios was due partly to the current state of the market as well as the normal cycle of banks getting assets off their balance sheets. "Because of the slow movement on the REO side and in the true real estate market, the debt business as a means to move collateral off balance sheets is one of the only games in town now," Sledge said in February. "It's also a very quick process. Whereas the real estate market may take months if not a year to move a piece of real estate, on the debt market it's generally a period of weeks."