Besen Special Assets, with an office in Red Bank, closed a non-performing loan portfolio secured by notes across the tri-state area, said Daniel Kole, managing director of the Residential (1-4 Family) Whole Loan Desk at Besen.
According to the announcement, the portfolio, which is secured by 49 residential assets, had an unpaid balance of $15 million with an average loan size of $306,000.
"Besen is in the ideal position to sell residential loans on behalf of community banks in the secondary market, we have a strong understanding of the local New Jersey and New York markets, and New Jersey and New York have the highest share of residential mortgages that are seriously delinquent or in foreclosure," Kole said.
Acting as the exclusive advisors to a New York community bank, the team at Besen Special Assets sourced, executed and won the trade using its bid process, securing a New York-based private equity fund as the buyer.
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