WASHINGTON Financial services companies and others have purchased $673.6 million of commercial and disaster loans from the Small Business Administration in the agencys third round of asset sales.
The SBA on Dec. 5 sold 19,033 loans with unpaid balances of $1.1 billion. The agency has collected a combined $1.4 billion since it began selling its performing and nonperforming portfolios in August 1999. The loan sales are part of an effort to cut the balance of SBA-held loans by up to $10 billion over the next three to four years.
The winning bidders were: Lehman Capital, New York; Latte Stone, LLC, Minneapolis; LLP Mortgage Ltd., of Dallas; Smoot Utzman Enterprises Inc., Rapid City, S.D.; NC Venture LLP, Stafford, Tex.; UMLIC VP LLC, Charlotte, N.C.; and Dennis Joslin, Dyersburg, Tenn.
The agency said it expects to sell another round of loans next August, with bid packages to be made available in the spring.
