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.
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Representation of B piece and special servicer clients, handling in excess of $22 billion in new securitizations in 2013-14.
Represented clients in the structuring of complex co-lender agreements at securitized, non-securitized and multiple mezzanine capital stack levels, involving all industry sectors, including office buildings, hotels, regional shopping malls and multi-family housing.