Urban Partnership Bank Unloading Mortgages on South and West Sides
Chicago-based Urban Partnership Bank is seeking to sell 1,561 mainly residential loans in Chicago's South and West sides originated by its predecessor, ShoreBank. The loan package totals $154 million, with most of it dedicated to single-family homes. The average loan size is less than $99,000. According to market insiders, the size of the portfolio should spark investor interest despite the economic woes afflicting the neighborhoods Urban Partnership serves. “We are confident FFN will help source buyers with strong servicing capabilities," the bank said in a statement. "The asset sale will allow us to focus and direct capital into commercial lending on the South and West sides of Chicago and in Detroit.”