X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-Vestin REITs Realty Mortgage I and Realty Mortgage II, working through REO and properties that it plans to foreclose on, reported narrower first-quarter losses in comparison with the first quarter of last year, the mortgage REITs reported in recent SEC filings. At the end of the quarter, Realty Mortgage I had commenced foreclosure proceedings on four of its nine non-performing loans and Realty Mortgage II had started foreclosure proceedings on six of its 12 non-performing loans. Both REITs said they were conducting workout discussions with some of the borrowers on the non-performing loans.

Vestin I said that its nine non-performing loans totaled $21.2 million and that they were part of a total of 19 loans totaling $32.3 million that it owned at the end of the quarter. Vestin II said that its 12 non-performing loans totaled an aggregate principal amount of approximately $68.3 million. The 12 loans and $68.3 million were part of 27 real estate loans outstanding with a balance of approximately $115.3 million that were in the company’s portfolio at the end of the quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt Net Lease Spring 2022Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.