First Financial Network Makes $360 Million Loan Portfolio Offering

Oklahoma City-based First Financial Network Inc. made an offering of $360 million in performing commercial real estate loans.
The loans range in principal balance size from $205,000 to $5.75 million with an average balance size of $1.2 milion. The weighted average coupon (WAC) is 6.8 percent and the weighted average maturity (WAM) is 29 years.
The portfolio is being marketed on behalf of Indymac Commercial Lending Corp. ICLC was a subsidiary of IndyMac Bank FSB, Pasadena, which was closed July 11, by the Office of Thrift Supervision.
The was named conservator of IndyMac Bank FSB at that time.

First Financial Network will market and manage all facets of the sale of nearly 300 high-quality multifamily and commercial real estate loans to bid on October 21, 2008. The portfolio will be stratified into pools based on collateral and geographic location. There are concentrations of collateralized properties located in California, Texas, Ohio, Washington, Arizona and Georgia.
Since its founding in 1989, FFN has defined the loan sale industry, selling billions of dollars in loans and other assets in 28 countries.

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