(Reuters) – Home Road (HMST) Bank claimed on Friday it has actually accepted market virtually $990 countless its multifamily industrial property car loans to Bank of America (BAC).
BofA has actually accepted pay concerning $906 million for the car loans, which represents virtually 92% of the worth of the profile, Home Road claimed.
“Entering into this agreement … is the first step in implementing a new strategic plan, which we expect to result in a return to profitability for the bank and on a consolidated basis early next year,” Home Road Chief Executive Officer Mark Mason claimed.
Proceeds from the sale would certainly be made use of to pay back the financial debt it has actually extracted from the Federal Home Loan Bank and for paying for brokered down payments, which are more expensive than core down payments, Home Road claimed.
(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)
