Max Spann to auction more than $4 million in real estate loan notes on line
Clinton, NJ – May 28, 2010 – (RealEstateRama) — More than $4 million in real estate notes secured by commercial and residential properties in New Jersey and Pennsylvania will be sold in an on-line auction on June 8 and 9.
Max Spann Real Estate & Auction Co., an industry-leading, full-service national auctioneer, is conducting the online auction. Bidding opens at 10 a.m. on June 8 and closes June 9 at 2 p.m.
“The notes are held by a New Jersey-based bank that is seeking to reduce its portfolio of certain non-performing assets,” said Max Spann, president of the firm. “In each case, the note-holder is in the first-lien position.”
The secured properties include an inn on 1.25 acres in Lancaster County, Pennsylvania, a bed and breakfast on 103 acres in the Lake Wallenpaupack area of Pennsylvania, a multifamily dwelling on .61 acres in Phillipsburg, New Jersey and a mixed use residential and retail complex on .19 acres in Union County, New Jersey.
Interested bidders will receive a more detailed notes-information package after submitting a $1,000 initial deposit.
“It’s a great opportunity for knowledgeable and sophisticated investors,” Spann said.
Terms and conditions are available at www.maxspann.com, where interested bidders can also register. For more information, call 888-299-1438.
