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| First Financial Network, Inc. to Sell $75 Million Commercial Real Estate Loan Portfolio |
Posted: 2008-08-26 12:08:36 |
OKLAHOMA CITY, OK -- First Financial Network, Inc., the nation's leading loan sale advisor, today announced the offering of more than $75 million in non-performing commercial real estate loans. The portfolio is being marketed on behalf of a U.S. banking institution.
Bliss Morris, President and CEO of First Financial Network, said, "We are currently marketing four portfolios totaling nearly $400 million. That number will more than triple in the near term as we have over $1.3 billion in transactions slated over the next two quarters. This increase in secondary market activity is representative of the changing economic conditions resulting from the general decline in the credit markets. We are pleased to be assisting numerous financial institutions with the disposition of diverse portfolio types and are proud of the firm's proven ability to execute successful loan sale transactions."
Founded in 1989, First Financial Network is the most experienced U.S. loan sale advisory firm, having originally assisted the Resolution Trust Corporation with the disposition of billions in loans during the bailout of the S&L crisis. This experience bodes well as other financial institutions seek to mitigate risk as the economy cycles again into uncertain times.
The portfolio announced today consists of over 200 loans secured by various types of commercial real estate located primarily in the Southeast, Midwest and Southwest United States. Property types include commercial, retail, residential, land and multifamily.
First Financial Network will market and manage all facets of the sale and will stratify the portfolio into pools based on collateral type, performance, geographic location and borrower relationships. A highly targeted marketing campaign will be launched to procure sophisticated purchasers in order to obtain maximum value on the portfolio. The company will utilize its online Loan Trading Platform(TM) to provide qualified investors with immediate access to due diligence information and the opportunity to place bids. Investors will be given the opportunity to bid on individual loans, pools of loans or the entire portfolio.
Investor due diligence is scheduled to begin August 29 and bids will be taken September 25, 2008. For additional details regarding the offering, please call 405.748.4100 or visit http://www.firstfinancialnet.com/.
About First Financial Network:
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries. The nation's leading loan sale advisor, FFN currently serves more top 25 banking institutions than any other firm in the nation. In addition, the company serves as loan sale advisor for agencies of the Federal government, commercial banks, major foreign banks and other lenders. The company's online Loan Trading Platform(TM) and Metrics(TM), an integrated transaction management system, are used in conjunction with exceptional marketing techniques to achieve optimal value in today's secondary market. For further information, call 405.748.4100 or visit http://www.firstfinancialnet.com/.
Media Contact: Merrie Duncan, First Financial Network, Inc., 800.245.8695
or mduncan@firstfinancialnet.com
Source: First Financial Network, Inc.
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| Notes:
CONTACT: Merrie Duncan of First Financial Network, Inc., 1-800-245-8695,
mduncan@firstfinancialnet.com
Web site: http://www.firstfinancialnet.com/
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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