Franklin Credit Management Corp., Jersey City, N.J., in association with an affiliate has closed on the acquisition of a mixed performing and nonperforming loan portfolio with an aggregate unpaid principal balance of approximately $100 million.
The portfolio is comprised of 1,900 performing, nonperforming and charged-off second lien loans and deficiency balances.
The largest concentrations of borrowers reside in California (14%), Texas (10%) and New York (10%). Franklin Credit will be the special servicer on this portfolio for its affiliate, Bosco Credit LLC.
In the first half of this year, FCMC added more than $600 million in similar loans, the company said.