BankAtlantic has been plying the secondary loan-sales market for about $187 million in distressed loans on Florida properties. This transaction made the buyer successor to the $52 million foreclosure in progress.
BA probably will provide recourse or nonrecourse financing later. Either that or they think NW is worth about 6% of the original LV.
BA probably will provide recourse or nonrecourse financing later. Either that or they think NW is worth about 6% of the original LV.