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June 3, 2010

Live auction of commercial loans

Northwest Auctions will sell a variety of troubled loans at a live auction July 19 in Seattle. A live auction of non-performing loans is rare, according to the company's project manager, Paul Thomas. Such auctions typically are conducted online. Thomas said at live auctions participants can see they're competing against actual bidders, not phantom ones who are in place only to drive prices up. Northwest expects market-value bids, not discounts, because target bidders are well-funded investors who are not averse to paying full price or more for loans that pencil out. Loans in the auction have a balance of $300,000 to $6 million and include a non-performing construction loan on 14 unfinished Seattle condos, a $2.4 million loan to Mastro Properties secured by two King County commercial properties, and a $5.9 million troubled loan secured by a Kitsap County retail center. June 11 is the deadline for getting loans into the auction. The location will be posted at nwauctions.com.




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