Mission Capital Advisors, one of the leading boutique financial advisory firms in the country, has been hired by San Juan, Puerto Rico-based FirstBank to sell a distressed debt portfolio. According to a Wall Street Journal report, the portfolio consists of about 531 loans to 289 different borrowers with a face value of $443 million on the block. The final bid date on the FirstBank portfolio is in the middle of February.
The makeup of the portfolio marks roughly 65% tied to secured real estate loans, with about 11% set as business loans, the remainder comprising of a combination of land, property and unsecured credits. Stephen Emery, managing director of New York-based Mission Capital Advisors, which specializes in distressed debt and other businesses, said that there has been a lot of interest in the portfolio so far. "As far as distressed sales go, there are a lot of high-quality assets in our pool,” he said. "Puerto Rico has the attention of a lot of investors right now."
Puerto Rico has been suffering from high unemployment, a shrinking population and credit woes. Financial institutions have been selling portfolios of distressed assets at prices ranging from about 30 cents to 50 cents on the dollar, Mr. Emery said.
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