By Tom Hals

WILMINGTON, Del., Nov 24 (Reuters) - Capmark Financial Group Inc said on Tuesday that it agreed to sell its mortgage loan servicing business to a joint venture between Berkshire Hathaway and Leucadia, which raised its bid on Monday to value the unit at about $468 million.
Capmark Financial Group Inc filed for bankruptcy in October with a plan to sell its mortgage servicing business, one of the world's largest, to Berkshire Hathaway Inc and Leucadia National Corp and then opened the agreement to higher bids.
A Capmark attorney, Michael Kessler of Dewey & LeBoeuf, said the company also negotiated with a unit of PNC Financial Services Group Inc, which never put forward a proposal that met the requirements of a qualifying bid.
Kessler said the Friday bid deadline was extended several times right through to Monday night to give more time for PNC's Midland Loan Services to qualify.
"During the course of the day, Berkadia also increased its bid to, I believe, have us cut off the bid extendsion deadline to PNC," said Kessler.
On Monday, the Berkshire-Leucadia venture, known as Berkadia, increased its bid to a value of about $468 million. Capmark's prebankruptcy agreement with Berkadia was worth about $408 million, according to Kessler.
Capmark services $288.6 billion in loans, the third-largest commercial and multifamily residential loan portfolio.
The case is in re: Capmark Financial Group, U.S. Bankruptcy Court, District of Delaware, No. 09-13684. Keywords: CAPMARK/

(thomas.hals@thomsonreuters.com; 1-302-993-6283; Reuters Messaging: thomas.hals.reuters.com@reuters.net)

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