Corona Asset Management XVIII is the winning bidder on a pool of nonperforming loans recently auctioned by Fannie Mae.
Fannie Mae’s fourth Community Impact Pool of loans includes 80 loans with an aggregate unpaid principal balance of $18,467,573; an average loan size of $230,845; a weighted average note rate of 4.86%; a weighted average delinquency of 38 months; and a weighted average broker’s price opinion loan-to-value ratio of 98%, Fannie Mae says in a release.
The cover bid price for this pool is 62.4% of the unpaid principal balance, or 60.9% of the broker price opinion value of the assets.
The transaction, which was done in collaboration with Bank of America Merrill Lynch and CastleOak Securities, is expected to close on Sept. 21.
Because Corona Asset Management is the purchaser, it will be up to the company to offer distressed borrowers modifications and other foreclosure alternatives that will help them stay in their homes.
