Bank Sale of $400 Million in Mortgage Loan Portfolios

BAC Florida Bank

Representation of BAC Florida Bank in sales of portfolios of $400 million of mortgage loans originated by BAC and sold on a servicing-retained basis. These transactions created profits from both the portfolio sales and the retention of the servicing rights, in turn enabling BAC to make additional loans. The initial transaction of $120 million was the largest portfolio sale in BAC's history. The buyer, U.S. Mortgage Finance, utilized a conduit credit facility offered through West LB AG to purchase the portfolio. The transaction presented the unique challenge of balancing the needs of BAC, as a third party unaffiliated seller, with the securitization and loan requirements West LB AG sought to impose on its borrower, U.S. Mortgage Finance.

John C. Sumberg
Founder, Chairman
Robert M. Siegel
Partner, Head of Commercial Finance
Representation of B piece and special servicer clients, handling in excess of $130billion in 2.0 CMBSsecuritizations.
Representation of an energy company in its $9.45 billion all-cash acquisition of another energy company, resulting in the creation of the largest utility holding company in the United States.
Handled the sale of over 2,000 REOs, with aggregate purchase prices in the billions of dollars, through both the negotiation and closing of individual sales and the structuring and sale by auction of multiple properties. The largest was approximately $216 million, which was the sale of a major hotel...