Loan Participations for Sale

DebtX is selling $788 million in loan participations held by failed Silverton Bank of Georgia for the Federal Deposit Insurance Corp. The 344 participations are from commercial real estate and commercial and industrial loans and are being offered on an individual basis. It includes both performing and non-performing assets from 27 states, with the largest concentrations in Georgia, Alabama, Florida, Ohio and Washington. The largest loan is a $20.7 million participation in a loan secured by residential lots in Las Vegas. More than 140 of the participations are less than $1 million. Kingsley Grassland, chief executive of DebtX said the sale is getting investor interest, especially from community banks, the traditional buyer of loan participations.