Doral Financial in San Juan, Puerto Rico, has sold a portfolio of loans to a special entity.
The company disclosed in a regulatory filing Thursday that it sold about $181 million of loans to WOMF REV at a slight premium. The buyer, which paid cash, also agreed to make an additional payment based on a post-closing analysis of the assets.
Doral said it will partially cover the loans, though it would only be responsible for covering liabilities ranging from $250,000 to $20 million.
Doral has been looking for ways to raise capital and satisfy an order from the Federal Deposit Insurance Corp. The company has also been fighting a legal battle against the Puerto Rican government for a substantial tax refund.