DreamBuilder Investments LLC has purchased a $173 million package of nonperforming second liens after the initial winning bidder failed to close.
According to Jaymes Financial Inc. of Springfield, Va., which brokered the transaction, the privately held DreamBuilder paid less than a penny on the dollar for the loans, which include both secured and unsecured credits.
The seller was Cadle Co. of Newton Falls, Ohio.
A Texas company had won the bid a few weeks back but could not close on the transaction, said Andy James, a principal in Jaymes Financial.
Several weeks ago the privately held DreamBuilder bought a $400 million package of nonperforming seconds that belonged to National City Corp. of Cleveland. The seller was PNC Financial Services Group Inc. of Pittsburgh, which bought Nat City in late 2008. The price of the Nat City deal was not disclosed. DreamBuilder has been buying nonperforming second liens since 2002.