MountainView Capital Holdings is offering up for bid an $80 million, servicing-released pool of performing and
The loans are primarily from the MountainView Mortgage Opportunities Fund II, which is nearing the end of its life and returning capital to investors. Two of the four sale groups in the offering involve loans jointly owned with the FDIC.
About $36 million of the loans are performing, $20 million are reperforming, $18 million are nonperforming and $6 million are subperforming. Most of the loans are in the first-lien position and have an average value between $200,000 and $300,000.
All of the loans except the performing ones have current average loan-to-value ratios above 80% but below 100%. The subperforming and nonperforming loans have subprime credit scores below 620.
Bids must be submitted at group level due to the joint FDIC ownership as follows: about $49 billion in FDIC performing loans, $13 million in other performing loans, $6 million in FDIC nonperforming loans and $12 million in other NPLs. But the sellers would prefer to sell the pool as a whole.
Bids are due at 5 p.m. EST on Sept. 29.
