Clark Street Capital puts $27 million bank portfolio up for sale
Clark Street Capital's Bank Asset Network will sell a portfolio of loans originated by a financial institution in Chicago with an unpaid principal balance of $26.7 million. The 29 whole loans secured by mortgages on real property range in size from $89,065 to $2.3 million. Of the those loans, 54% are nonperforming, 40% are performing, and the remaining 6% are sub-performing. Properties in the portfolio are single-family residential houses, improved lots and residential land. Jon Winick, a spokesman for Clark Street Capital told HousingWire the value of distressed loans are on the rise. "There's been an increase in the value of distressed assets since October 2009. The banks have written assets down, maybe not to a point where they don't have future losses, but they're a lot further a long than they were a year ago," Winick said. According to the Standard & Poor's/Case-Shiller index out today, Chicago home prices increased 1% in July, one of the 12 cities in the 20-city composite index to see an increase. Initial bids are due on the portfolio Oct. 14, and the final bids are due Oct. 28. The closing date on the sale is scheduled for Nov. 4. "It's very homogenous portfolio of like-minded assets," Winick said. Write to Jon Prior.