Fannie Mae sold its third Community Impact Pool of non-performing loans to New Jersey Community Capital (NJCC), a non-profit Community Development Financial Institution (CDFI) that also won Fannie Mae’s first two Community Impact Pool auctions.
Fannie Mae’s sales of the non-performing loan pools are structured to attract participation from non-profits, smaller investors and women- and minority-owned businesses.
The newly sold pool contains 83 loans on properties in the Miami area with an aggregate unpaid principal balance of approximately $19.7 million. The transaction is expected to close in July. Fannie Mae began marketing the Community Impact Pool to potential bidders in April. The loans were delinquent by an average of 51 months. The average loan size was $237,672 and the average note rate was 5.07%.