510 Residential Loan Acquisition V LLC (400 Capital) is the winning bidder on a pool of 61 non-performing mortgage loans (NPLs) recently auctioned by Fannie Mae.
The Community Impact Pool (CIP) totals $18.4 million in unpaid principal balance (UPB) and is geographically focused in the New York area.
The pool was marketed with BofA Securities Inc. and First Financial Network Inc. as advisors.
The average loan size is $301,717, and the weighted average note rate is 5.75%.
The cover bid, which was the second highest bid, for the CIP was 82.12% of UPB (30.89% of BPO).
All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications.
In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan.
Photo: Eskay Lim
