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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.

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