The Loan Source has acquired more Paycheck Protection Program loans.
Blue Ridge Bankshares in Charlottesville, Va., disclosed in a regulatory filing Friday that it sold about $713 million of PPP loans to The Loan Source.
Blue Ridge said it received about $706 million in cash proceeds for the loans. Blue Ridge said it used a portion of the proceeds to pay off roughly $431 million of borrowings under the Paycheck Protection Program Liquidity Facility.
Blue Ridge also said it expects to record a gain in the second quarter from the sale.
The bank still has about $140 million of PPP loans.
This is the third block of PPP loans that The Loan Source has bought in recent days. The company also bought $344 million of loans from Trustmark and $585 million of loans from Dime Community Bancshares.