Clark Street Announces $140MM SBA 504 Loan Portfolio Sale
Clark Street Capital’s Bank Asset Network (“BAN”) proudly presents: “The $140MM Nationwide SBA 504 Portfolio.” With a total unpaid principal balance of approximately $137MM, this exclusively-offered portfolio is comprised of 81 loans and 13 REO properties offered for sale by three banks (“Seller”).
Highlights include:
A total unpaid principal balance of $137,222,347, comprised of 81 loans ($125,388,688) and 13 REO properties ($11,833,658)
- 85% of the assets originated as SBA 504 1st Mortgages
- 81 loans with a weighted average coupon of 6.43%
- Prepayment Penalties remaining on 81 of 83 loans
- Performing loans ($91,280,472) have a weighted average LTV of 69.47% with a weighted DSCR of 1.79X on the Bank’s debt
- Total Non-Performing Assets of $46MM, including loans of $34.1MM and REO of $11.8MM
- A nationwide portfolio representing 27 states, including Florida (23.9%), Texas (8.9%), Ohio (8.3%), Michigan (6.9%), and California (6.8%)
- Property types include Hotels (65%), Retail (18%), Industrial (6%), and Office (6%)
- All loans are whole loans secured primarily by first mortgages on real property with personal guarantees
- Four Pools comprised of 15 Sub-Pools ranging in size from $1.1MM to $22MM
Please read the executive summary for more information on the portfolio. You will be able to execute the confidentiality agreement to begin your due diligence.