US lenders plan to sell $2bn of distressed loans and properties

Published 24th May 2010

US commercial real estate lenders Wells Fargo & Co and LNR Property are each looking to sell around $1bn of distressed commercial real estate loans and assets, Bloomberg reported today.

San Francisco based Wells Fargo, the biggest US commercial real estate lender, is planning to sell between $500m and $1bn of office and hotel mortgages and properties, according to four people briefed on the sale.

It was also reported that LNR, the largest special servicer of commercial mortgage-backed securities, is trying to sell around $1bn of defaulted loans.

“The availability of capital and better prices than a year ago are driving sellers to move things off their balance sheets,” Matthew Anderson, managing director at research firm Foresight Analytics, said. “Depending on how the auction goes, you may see more of this.”

Source: ' Property Week '

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