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FDIC Loan Sale #MR1-24-23
$106 Million Residential & CRE Loan Sale

On behalf of the Federal Deposit Insurance Corporation (FDIC) in its capacity as Receiver, First Financial Network (FFN) is pleased to announce a competitive sealed bid cash sale of approximately $71 million in residential loans and $35 million in commercial real estate loans for a total portfolio balance of approximately $106 million.

As of March 22, 2024, the portfolio consists of approximately 272 performing (91%) and non-performing (9%) residential and commercial real estate loans with collateral properties primarily located in the northeast.

The loans will be offered in pools for bidding purposes allowing prospective bidders to submit bids for individual pools, a combination of pools (linked bids) and/or the entire portfolio.

Sale Access

Access to online due diligence for Loan Sale #MR1-24-23 is open to all bidders that meet FDIC's requirements. To review the requirements and submit your vetting information simply follow these directions:

  1. Register or Sign In: Visit First Financial Network’s website at and register or sign in to your account.
  2. Select Loan Sale #MR1-24-23: Once logged in, choose the MR1-24-23 Sale from the available options.

For information regarding this sale, contact FFN's Loan Sales Team at or at 405-748-4100.

Bidder Due Diligence Begins April 30, 2024
Calculation Date May 10, 2024
Bid Date May 29, 2024
Final Funding/Closing June 12, 2024

This advertisement is an announcement only and does not constitute an offer to sell, or a solicitation of an offer to buy, any loans or any interest therein. Information concerning the loans will be furnished only to persons who demonstrate that they have a level of financial sophistication and resources sufficient to evaluate and bear the risks of an investment in the loans. The loans, assets or portfolios are offered "AS IS" and without any representations or warranties of any kind whatsoever by any entity.

Frequently Asked Questions

A loan sale is a commonly used term for the sale of loans or loan pools. Loans acquired by the FDIC from failed financial institutions may be sold in pools through sealed bid sales.

Typically, sales contain loans that have similar characteristics. The loans are refined into pools according to specific criteria. Pooling considerations may include loan size, performance status, type, collateral and location.

Every interested party, based on their own circumstances, must determine whether loans are a suitable investment. Prospective purchasers must have the financial sophistication and resources sufficient to evaluate and bear the economic risks of such loan purchases.

Yes. The Purchaser Eligibility Certification identifies prospective purchasers who are not eligible to purchase assets from the FDIC under the laws, regulations and policies governing such sales. The FDIC must receive an executed Purchaser Eligibility Certification from prospective purchasers as a prerequisite to bid. The Purchaser Eligibility Certification is available on the website of the loan sale advisor responsible for the sale. Prospective purchasers will supply the completed form to the loan sale advisor.

In order to self-screen, potential purchasers can review a sample copy of the Purchaser Eligibility Certification at the following link:

Purchaser Eligibility Certification (

No. The loan portfolios of failed financial institutions usually contain a variety of performing and non-performing loan products including mortgage, commercial, consumer loans, etc.

No. The FDIC makes no representations or warranties in connection with any of the loans. The only remedies or recourse provided to the buyer are those set forth in the Loan Sale Agreement. Generally, all risk associated with the loans are passed to the buyer.

The FDIC conducts loan sales with the support of the following loan sale advisors.

First Financial Network (FFN)

Mission Capital Advisors


The Debt Exchange (DebtX)

When the FDIC has loans available for sale they may be marketed on one of the four loan sale advisors’ websites. If interested in participating in a loan sale, please contact each of the loan sale advisors and request an account be established on the respective website. Each loan sale advisor has its own requirements for granting access to its website.

Persons with accounts on the respective advisors’ systems will receive emails notifying them of the FDIC loan sale when they are made available to the market. General announcements of an FDIC loan sale will appear on the website of the loan sale advisor responsible for the sale. The FDIC also announces sales on its website in the section above titled "Announcements".

The FDIC encourages prospective purchasers to complete file reviews and to perform their own investigation of the loans to the extent allowable under the Confidentiality Agreement. To conduct a review of the loan files, interested parties must contact the loan sale advisor responsible for the sale.

Yes. Prospective purchasers must agree to the Confidentiality Agreement that is provided on the loan sale advisor’s website. To review the form of the Confidentiality Agreement, it can be obtained at the following link: Confidentiality Agreement (

Further, to protect borrower’s privacy, a $50,000 refundable security deposit and completed registration are required of prospective purchasers prior to access being given to loan files or data containing borrower identity-related information. The loan sale advisors may charge a fee for vetting prospective purchasers’ qualifications.

Yes. An Initial Deposit must be received on one of the two business days prior to the bid deadline. Only one Initial Deposit is required from each bidder regardless of the number of bids submitted. Bidders must make the Initial Deposit by wire transfer. Initial Deposit is defined in the Bid Instructions for a given sale.

The Bid Instructions for a specific loan sale will define all requirements to bid on a given pool of loans. This includes submitting an Initial Deposit and executing certain documents, such as the Bid Certification and the Purchaser Eligibility Certification. These documents can be found on the loan sale advisor's website. Once all requirements are met, the bidder will be given online access to bid.

The Loan Sale Agreement provides the terms and conditions of the sale. The Loan Sale Agreement will be available on the website of the loan sale advisor responsible for the sale. To review the form of the Loan Sale Agreement, it can be obtained at the following link: Loan Sale Agreement (

Please refer to the specific Loan Sale Agreement for each respective sale as it is subject to change.

The period of time varies, but FDIC sales are usually consummated within 20 business days after a bid is awarded. Bid package documents (i.e., Invitation to Bid, Loan Sale Agreement) should be reviewed to determine if there are specified closing dates.

Yes. The Earnest Money Deposit is comprised of the Initial Deposit and a Final Deposit. The Final Deposit equals 10% of the sum of all bid amounts for loan pools and loan pool combinations awarded the winning bidder less the amount of the bidders Initial Deposit. The Final Deposit must be submitted via wire transfer within one business day following bid award.

The successful bidder will receive the executed Bill of Sale, Closing Statement, Assignment and Assumption of Interests and Obligations, and Loan Sale Agreement at closing. All pertinent, available documentation for the loans such as the notes, collateral documents and loan files will be delivered to buyer within a reasonable time after closing.

Closing will occur on the closing date. At the FDIC’s option, closing may be done electronically or conducted in person at a place designated by the FDIC.

Loan sale results are updated monthly and can be found on FDIC’s website at FDIC Closed Loan Sales. (

Cash Loan Sale Video

Learn more about how FDIC sells loan portfolios


Purchaser Eligibility Certification

Purchaser Eligibility Certification
A certification that identifies prospective purchasers that are not eligible to purchase assets of failed financial institutions from the FDIC.

Confidentiality Agreement

Confidentiality Agreement
An agreement executed or agreed to online by prospective bidders as a prerequisite to access evaluation material available in FDIC loan sales.

Loan Sale Agreement

Loan Sale Agreement
An agreement between the buyer and seller that provides the terms and conditions of the loan sale.

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