DebtX is marketing USD 83m in re- and non-performing Florida residential mortgages, according to two sources familiar with the offering.
The offering is divided into a USD 49.8m pool of 736 performing first and related second liens; a USD 23.3m pool of 330 performing second lien HELOCs; and a USD 10m pool of 83 non-performing first and second lien mortgages.
The overall portfolio has a weighted average coupon of 3.82%, weighted average maturity of 9 October, 2029, and weighted average borrower Fico score of 705. Cumulative LTVs range from 50% to 101%.
RPLs are generally trading in the high 80% broker price opinion range, while NPLs are trading at 65%-70% of BPO in judicial foreclosure states and over 70% in non-judicial states, according to Stifel analyst Eric Rand, writing on 2 October.
Bids are due to DebtX on 24 October.