The results of Fannie Mae’s twentieth non-performing loan sale transaction included the sale of approximately 5,650 loans totaling $936.9 million in unpaid principal balance (UPB), divided into four pools. The winning bidders of the four pools for the transaction were Oak Harbor Capital LLC for Pool 1, VRMTG ACQ LLC (VWH Capital Management LP) for Pool 2, and MCLP Asset Company Inc. (Goldman Sachs) for Pools 3 and 4. Pools were awarded individually.
The pools were marketed with BofA Securities Inc. and First Financial Network Inc. as advisors.
Pool 1 included 673 loans with an aggregate UPB of $131,892,863; average loan size of $195,978; weighted average note rate of 4.31%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 50%.
Pool 2 had 1,613 loans with an aggregate UPB of $251,841,799; average loan size of $156,133; weighted average note rate of 4.63%; and weighted BPO loan-to-value ratio of 38%. Pool 3 included 1,602 loans with an aggregate UPB of $251,468,772; average loan size of $156,972; weighted average note rate of 4.63%; and weighted BPO loan-to-value ratio of 37%. Pool 4 held 1,757 loans with an aggregate UPB of $301,729,729; average loan size of $171,730; weighted average note rate of 4.50%; and weighted BPO loan-to-value ratio of 45%.
The cover bids, which are the second highest bids per pool, were 83.17% of UPB (41.30% of BPO) for Pool 1, 95.13% of UPB (36.55% of BPO) for Pool 2, 96.09% of UPB (35.72% of BPO) for Pool 3, and 92.09% of UPB (41.23% of BPO) for Pool 4.
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