Notes Originated by Michigan Credit Union To Be Offered To U.S., Global Investors
BOSTON, Nov. 19 /PRNewswire/ — DebtX, one of the nations largest loan sale advisors for commercial debt, will sell $26 million in foreclosed home loans secured by properties in suburban Fort Myers, Florida on December 13, 2007.
The transaction involves the sale of 100 loans in single-family subdivisions in Cape Coral, Lehigh Acres and Northpoint near Fort Myers. The average FICO score of the borrowers is 692, the average loan balance is $261,000 and the average value of the home was $360,000 at funding. Investors can register to make bids at http://www.debtx.com or by calling DebtX at 617.531.3400.
“The $26 million in residential loans for sale through DebtX represent a good opportunity for investors to acquire high-quality assets,” said DebtX CEO Kingsley Greenland. “We're anticipating strong demand from Florida investors, as well as those looking to diversify their portfolio. This is one of the largest credit union loan sales in recent memory.”
The National Credit Union Administration (NCUA), the independent federal agency that charters and supervises federal credit unions, selected DebtX to manage the sale after it placed into conservatorship the assets of Huron River Area Credit Union of Ann Arbor, Michigan in February 2007. Huron River Area Credit Union serves approximately 39,000 members and had $348 million in assets at the time of conservatorship.
DebtX's online marketplace is one of the world's largest and most liquid electronic exchanges for debt. DebtX has more than 3,200 global investors, and more than 250 financial institutions work with the firm to sell Corporate & Industrial (C&I), Commercial Real Estate (CRE), residential and selected consumer loans. DebtX is based in Boston, with offices in Atlanta, Boulder (CO), Chicago, Denver, New York, San Francisco and Frankfurt, Germany. In October, DebtX sold more than $500 million in C&I and CRE loans to U.S. and global investors.
DebtX is one of the world's leading full-service loan sale advisors for commercial, consumer and specialty finance debt. DebtX helps commercial banks, insurance companies, investment banks, government agencies and other institutions increase profitability and reduce risk by offering comprehensive loan sale advisory services that create liquidity in an institution's loan portfolio. DebtX operates the largest marketplace of buyers and sellers of commercial debt and offers a variety of innovative information services, including DXMark(SM), the first objective valuation of commercial real estate portfolios based on actual secondary market loan sales. DXOpen is the direct access channel to DebtX's online marketplace those institutions that want additional flexibility to initiate and manage loan sales. For information, contact, 617.531.3400 or visit http://www.debtx.com.
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