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SARASOTA, FL-First Financial Network Inc. has introduced a portfolio of 60 loans worth $190 million to the market. The loans are secured by a variety of real estate located predominantly in southwest Florida.

A spokeswoman with the Oklahoma City-based First Financial Network says the portfolio is made up of various collateral types. The bank holding the loans isn’t in any trouble, she tells GlobeSt.com, but is interested in decreasing its non-performing assets. The properties run the gamut from multifamily, to warehouse-industrial, to medical office, office and hospitality,” she says. “There’s even a golf course in there.”

In addition to Sarasota, Florida cities where collateral properties are located are Fort Myers, Cape Cora,; Punta Gorda, Port Charlotte, Bonita Springs and Naples.

The spokeswoman explains that the loans have been divided into 24 pools, and bids are being accepted until Dec. 9. Closing will take place on Dec. 18. “It’s a short window, but fairly typical of the fourth quarter,” she comments.

Also typical, she continues, is that First Financial Network has been very busy in 2009. The institution is also accepting bids until Dec. 2 on $60 million worth of non-performing and performing loans through the Federal Deposit Insurance Corp. and will be bringing at least two more loan portfolios to market in the coming weeks.

“We’ll be announcing one this quarter and another in Q1 2010,” the spokeswoman says. “Both are sizeable offerings from private banks.”

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