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PASADENA, CA-First Financial Network Inc. of Oklahoma City has started marketing a portfolio of nearly 300 performing loans totaling $360 million on behalf of Indymac Commercial Lending Corp., the commercial lending subsidiary of IndyMac Bank. Pasadena-based IndyMac was closed July 11 by the Office of Thrift Supervision, and the Federal Deposit Insurance Corp. was named conservator of IndyMac Bank at that time.

First Financial’s contract to market the loans is with Indymac Commercial lending, a First Financial spokeswoman tells GlobeSt.com. The bid date is scheduled for Oct. 21, with a closing date for the transaction scheduled for Nov. 6.

First Financial, which will market and manage all facets of the sale, says that the portfolio will be stratified into pools based on collateral and geographic location. There are concentrations of collateralized properties located in California, Texas, Ohio, Washington, Arizona and Georgia, with loans ranging in principal balance size from $205,000 to $5.75 million.

The loans carry a weighted average coupon of 6.8%, a weighted average maturity of 29 years and weighted loan-to-value ratio of 71.6%. All of the loans in the portfoliowere originated after June 1, 2007, “making this an exceptional investmentopportunity for qualified investors,” First Financial said in a statement.

According to Bliss Morris, president and CEO of First Financial, the advisory firm will target sophisticated buyers and expects that likely buyers will include banks and otherfinancial institutions as well as domestic and international real estate investors.

When federal regulators took over IndyMac Bank, they said the bank had total assets of $32.01 billion and total deposits of $19.06 billion as of March 31. As conservator, the FDIC is operating the newly constituted bank under a new name, IndyMac Federal Bank FSB, “to maximize the value of the institution for a future sale” and to maintain banking services in the communities formerly served by the bank.

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