FNBN CMLCON I LLC is the owner of the loan. However, the comment that the "loan sold at 50%" is not accurate. It was involved in a FDIC structured sale. FNBN CMLCON I LLC is a "special purpose entity" between the FDIC and Diversified Business Strategies. It holds $701.6 million of commercial construction loans. DBS paid $140.3 million for a 20 percent interest. The FDIC retains the remaining equity.
The price paid was 29.2 percent.
Construction loan portfolio sales, both residential and commercial, normally involve only a 20 percent equity position.
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