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NEW JERSEY
And the Winner Is . . .
Fannie Mae announced the results of its 9th and 10th
Community Impact Pools of nonperforming loans—and the
winning bidders are Community Loan Fund of New Jersey Inc.
(NJCC) for Group 1 Pool and Preserving City Neighborhoods
Housing Development Fund Cooperation for Group 2 Pool—both
nonprofit entities.
According to the enterprise, this deal includes an estimated 690
loans totaling $124.12 million in unpaid principal balance (UPB)
divided among two pools. e transaction was expected to finalize
by January 12, 2018.
In the report, Fannie Mae broke down the numbers by group.
e Group 1 Pool contains 635 loans with an aggregate unpaid
principal balance of $110,265,681. In addition, the average loan
size is $173,647, with a weighted average note rate of 5.64 percent,
a weighted average delinquency of 43 months, and a weighted
average broker's price opinion (BPO) loan-to-value ratio of
82 percent.
As for the Group 2 Pool, there are 55 loans with an aggregate
unpaid principal balance of $13,860,506, an average loan size
of $252,009, and a weighted average note rate at 6.62 percent.
Additionally, this pool had a weighted average delinquency of 68
months, and a weighted average BPO loan-to-value ratio of 65
percent.
e cover bids, which are the second-highest bids, for the
Community Impact Pools were 85.02 percent of UPB for Group 1
Pool and 89.87 percent of UPB for Group 2 Pool, according to the
report.
In conjunction with Bank of America Merrill Lynch and First
Financial Network, Inc., Fannie Mae first started marketing these
loans to potential bidders in October 2017.
