The Bank Slate


WaFd to sell multifamily loans gained from Luther Burbank deal

WaFd in Seattle is planning to sell a multifamily portfolio it recently gained from an acquisition.

The $30.1 billion-asset company said in a press release that it plans to sell up to $3.2 billion of loans it inherited from Luther Burbank Corp. WaFd bought the bank on Feb. 29.

“We have engaged a third party to facilitate this process,” Brent Beardall, WaFd’s president and CEO, said in the release.

“There has been a lot of interest in these loans, we are working through the bidding process and expect to execute on the sale in the next few months,” he added.

WaFd could use proceeds from the sale in a variety of ways, including paying down debt and making new loans.

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