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DebtX Announces Sale of $334M in Non-Performing Loans

""DebtX"":https://www.debtx.com/default.asp announced Monday that it is now the exclusive agent for a sale involving $334 million in loans from a real estate fund that collapsed and filed for Chapter 11 bankruptcy.

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In a statement, the company said that loans involved in the sale primarily involve Acquisition, Development and Construction loans backed by land from nine U.S. states.

""DebtX is pleased to have been selected for this bankruptcy sale and is looking forward to working on similar transactions as the dislocation continues in the credit markets,"" DebtX CEO Kingsley Greenland said in a statement.

""Given the unique nature of many of the properties secured by these loans, we expect strong interest from local, national and international investors,"" he added.

Eighteen loans will go for sale. This includes a $55-million non-performing loan from California and a $61-million non-performing loan from Wyoming, each of which DebtX said were secured by land and water rights.

DebtX said that it would begin accepting bids on Thursday, January 19 on 2 p.m.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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