The Prestwick Mortgage Group is marketing a $58 million package of mortgage servicing rights backed by mostly multifamily commercial mortgages held by private investors.
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According to the company’s offering circular, there is no buyback risk whatsoever on the portfolio—and there are no delinquencies as well.
All of the underlying properties are located in New Jersey and most of the loans were eligible for the low income housing tax credit at the time of origination.
The paper yields 6.89%. Prestwick, which is headquartered in Alexandria, Va., has set an Aug. 7 bid deadline.
