LoanMarket.net of California, which auctions nonperforming residential loans over the Internet, has launched a new program to sell distressed commercial loans too. Most of the product is low-balance commercial, the company said. "Your Taco Bells and stuff like that," said LoanMarket principal Jeff Freud. For now, the firm will offer commercial mortgages "off line," said Mr. Freud. The company currently has $50 million (unpaid principal balance) available for purchase. "We're marketing them off line and not in a pool," said Mr. Freud. It has three to four sellers interested in using its services.
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