ING Sells $1.6B of Performing CRE Loans to Wells Fargo

ING Real Estate Finance (USA) LLC has agreed to sell 29 commercial real estate loans with an outstanding balance of $1.6 billion to Wells Fargo Bank NA. Other terms of the deal were not disclosed.

However, a press release from ING said the attractive terms reflect the quality of the portfolio, which consists entirely of performing loans. ING added this is approximately half of its total U.S. loan portfolio. ING Real Estate Finance will be focusing its activity on its core markets, the release continued.

“This divestment is a result of the successful execution of our strategy to capitalize on current robust U.S. market conditions to generate strong interest in the loan portfolio among a high-quality pool of potential buyers,” said Michael Shields, managing director and head of ING Real Estate Finance Western Europe, U.K., U.S. and structured products. “As ING sharpens the focus of its real estate finance business, we will continue to deliver tailored real estate financing solutions in our other real estate finance markets.”

From Wells Fargos perspective, a benefit of this purchase is that many of our existing customers have loans in this portfolio as well, and we look forward to meeting the needs of those customers while strengthening our commercial real estate business through this acquisition, according to Mark Myers, head of CRE.

Article source: http://www.nationalmortgagenews.com/dailybriefing/ING-Sells-Performing-CRE-Loans-Wells-Fargo-1038229-1.html

Leave a Reply

WP2FB Auto Publish Powered By : XYZScripts.com
Bunk Beds