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Redwood Mortgage Investors VIII closes loan sale

Redwood Mortgage Investors VIII closed the sale of loans, comprising approximately 7% of its loan portfolio, to an unaffiliated bank.

The loans represented principal of $7.2 million and interest owing of $43,002. The mortgage servicing rights were released to the unaffiliated bank. The loans were sold pursuant to an asset sale agreement dated June 27.

The loans sold are secured by property in the California counties of Alameda, Riverside and Los Angeles. The transaction was arranged by a third-party unaffiliated national firm engaged by one of Redwood Mortgage Investors' general partners, Redwood Mortgage Corp.