Origen Financial Inc., a real estate investment trust that is in the business of originating and servicing manufactured housing loans, has entered into an agreement for the sale of its servicing platform assets to Green Tree Servicing LLC, servicer of manufactured housing loans, as well as other residential and consumer loans.
Upon completion, the transaction will include the transfer of approximately $1.6 billion of manufactured housing loans. Proceeds from the sale would be used to retire a $15 million loan secured by the servicing assets to partially repay a $46 million secured loan facility entered into in April and for working capital, the firms note.
As part of the sale transaction, Green Tree will assume the lease for Origen's Fort Worth, Texas, servicing facility. Completion of the sale is conditioned on approval by Origen's stockholders, consents by third parties, including trustees of securitization trusts and rating agencies, and other customary closing conditions for transactions of this type.
Source: Origen Financial Inc.
