Followers | 241 |
Posts | 12150 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Friday, November 28, 2014 10:40:06 PM
In the latest move by a Puerto Rican bank to unload distressed assets, FirstBank has put a mostly real-estate portfolio with a face value of $443 million on the block, according to people familiar with the matter.
The San Juan-based bank has hired Mission Capital Advisors to market the portfolio, which consists of about 531 loans to 289 different borrowers. Secured real-estate loans make up about 65% of the portfolio. About 11% of the portfolio is business loans and the rest a combination of land, property and unsecured credits, according to Stephen Emery, managing director of New York-based Mission.
Puerto Rico has been suffering from high unemployment, a shrinking population and credit woes. Financial institutions have been selling portfolios of distressed assets at prices ranging from about 30 cents to 50 cents on the dollar, Mr. Emery said.
Mr. Emery declined to confirm that the seller was FirstBank.
But he said there has been a lot of interest in the portfolio, which hit the market about two weeks ago.“As far as distressed sales go, there are a lot of high-quality assets in our pool,” he said.
—Peter Grant
http://online.wsj.com/articles/mortgage-lending-falls-plots-ploys-1416958784?KEYWORDS=island%27s+distressed+sale
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent FBP News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/17/2024 08:15:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/05/2024 01:17:11 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 09:24:06 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/23/2024 04:05:29 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 08:17:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/01/2024 09:46:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/31/2024 08:30:03 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/29/2024 11:25:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/25/2024 08:30:03 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 07/24/2024 08:11:22 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/23/2024 01:30:32 PM
- First BanCorp. Announces Earnings for the Quarter Ended June 30, 2024 • Business Wire • 07/23/2024 11:00:00 AM
- First BanCorp Announces Capital Actions • Business Wire • 07/22/2024 09:18:00 PM
- First BanCorp Announces the Release of Its 2023 Corporate Sustainability Report • Business Wire • 07/01/2024 08:23:00 PM
- First BanCorp to Announce 2Q 2024 Results on July 23, 2024 • Business Wire • 06/18/2024 02:29:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/29/2024 08:57:08 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 08:59:09 PM
- First BanCorp. Declares Quarterly Cash Dividend on Common Stock • Business Wire • 04/25/2024 08:45:00 PM
- First BanCorp. Announces Earnings for the Quarter Ended March 31, 2024 • Business Wire • 04/23/2024 11:00:00 AM
- First BanCorp to Announce 1Q 2024 Results on April 23, 2024 • Business Wire • 04/02/2024 09:14:00 PM
- FirstBank Puerto Rico Selects nCino to Transform Commercial Lending Services • GlobeNewswire Inc. • 03/20/2024 11:30:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/11/2024 06:56:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 12:13:05 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 12:09:09 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/06/2024 12:26:48 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM