First Financial Network has successfully closed the loan sale it conducted on behalf of the Federal Deposit Insurance, as receiver for Miami Valley Bank, Lakeview, Ohio.
First Financial Network (FFN) marketed and managed the sale of approximately $40 million in primarily residential loans, from Miami Valley Bank, for which the Federal Deposit Insurance (FDIC) was acting as receiver. Assets were secured primarily by residential real estate located in Ohio, Michigan, Indiana and Florida.
At the direction of the FDIC, FFN initiated a marketing campaign aimed at attracting qualified purchasers in order to obtain maximum value on the portfolio. Loan sale support services necessary to accomplish this sale on behalf of the FDIC included portfolio analysis, marketing, document imaging, investor due diligence management and all sale closings functions.
Bliss Morris, president and CEO of FFN, said: We were pleased to assist the FDIC with the marketing and sale of these assets. We look forward to conducting additional loan sale offerings on behalf of the FDIC under our five year contract to provide Internet marketing and support services.