Bankrupt retail lender AmeriFirst Financial is seeking approval for a private sale of loans from a Delaware bankruptcy judge to pay off two warehouse lenders and fund restructuring costs.

If approved, AmeriFirst’s retail and commercial loans worth more than $5 million will be sold to a non-QM lender Oaktree Funding Corp., Inc., according to a motion filed by AmeriFirst and holding company Phoenix 1040 LLC earlier this month. 

Law360 and National Mortgage News first reported on AmeriFirst’s motion seeking approval of loan sales.

The funds will be to be used to pay Centier Bank and Sound Capital — which details ⇒

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