2008-06-09 23:41:35 -
http:// www.bridgerfunding.com - Bridger Commercial Funding's BankXchange program announced today that it is seeking buyers for $12 million in higher yielding commercial real estate loans secured by church properties in California, Arizona, Nevada, Indiana and Texas. The loans have been originated in 2008, and reflect today's more restrictive credit standards. They will be sold either servicing retained by the seller,
or released to the buyer.
The interest rate on the 14 loans in the pool typically ranges between 7.5% and 8%, fixed for five years and then resetting. The loan to value ratios range primarily from 50% to 70%, with two loans carrying loan to value ratios below 30%. All loans are performing.
The seller is a commercial bank with extensive experience in underwriting and servicing real estate loans, and more specifically has successfully originated church loans for several years.
"Since its inception, the banking community's use of BankXchange has been a key tool with which to sculpt their balance sheets. And in spite of today's tighter credit environment, demand for well underwritten CRE loans remains strong," said Bridger Senior Vice President and BankXchange program manager Paul O'Rear. "Purchasing any portion of this portfolio of loans is a great opportunity for buyers to get their hands on sound assets," added Mr. O'Rear. "This engagement once again demonstrates the depth and diversity of BankXchange's contacts among buyers and sellers."
Buyers can bid on individual loans or on the entire portfolio.
Interested buyers seeking detailed information on this portfolio should contact BankXchange Vice President Michael Malekos at (415) 289-3227 or
mmalekos@bridgerfunding.com.
Bridger Commercial Funding offers an array of commercial real estate funding options that help banks generate fee income, enhance borrower relationships, and optimize commercial real estate portfolio risk/return profiles. The company also acts as an advisor for loan trading through BankXchange - the banking industry's leading commercial real estate loan sale advisory service.
Bridger Commercial Funding
Michael Malekos, 415-289-3227
Vice President
www.bridgerfunding.com
