June 3, 2020
A unit of AG Mortgage Investment Trust (MITT) has sold a pool of loans with an unpaid principal balance of $465 million. The purchaser was UMB Bank, acting as legal title trustee for LVS Title Trust XIII.
The mortgage REIT, headquartered in Midtown Manhattan, used net proceeds of approximately $383 million to repay debt and assorted payables secured by the loans. As MITT announced in early May, the loans were sold on a whole loan, servicing-released basis.
In late March, amid turmoil in the financial markets brought on by the COVID-19 pandemic, MITT said it was exploring a sale of assets to help it meet “an unusually high number of margin calls from financing counterparties.”
The company later entered into a forbearance agreement with lenders, which has now been extended to June 15.
Pictured: MITT headquarters at 245 Park Ave.
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