Mission Capital Selling NPA Pool
Mission Capital Advisors here is taking bids on a $131.2 million portfolio of nonperforming mortgages secured by commercial and residential properties in western Florida.
The seller is described by Mission as an "unnamed Midwest-based super-regional bank." Preliminary bids are due March 4. Buyers can bid on individual loan pools or the entire portfolio.
According to Mission, most of the loans have recent appraisals and all carry "personal guarantees that are expected to add significant value."
Mission is the exclusive sale advisor on the nonperforming asset deal. The properties backing the loans are located in Tampa, St. Petersburg, Sarasota and other cities. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/