Dreambuilder Investments LLC has agreed to buy $400 million in delinquent second liens from PNC Financial Services, Pittsburgh, for an undisclosed price, according to sources close to the deal. PNC, which for months has declined to comment on the auction, inherited the loans when it bought National City of Cleveland. Executives at the New York-based Dreambuilder, a private equity firm, declined to comment. Originally, PNC was offering $676 million in delinquent HELOCs. At press time it was unclear what happened to the balance of the portfolio. Meanwhile, in one other pending second-lien sale, Jaymes Financial of Virginia is on the verge of completing a $365 million transaction.
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