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.
Representation of one of the country's largest special servicers regarding its consent to transfer all beneficial ownership interests in several borrowers to a company that became a publicly traded REIT pursuant to a $400 million IPO. The REIT owns over 1,000 properties leased to over 150 single pro...