Altisource Residential Corp., which owns single-family rental properties it obtains through the purchase of subperforming and nonperforming mortgages as well as foreclosure sales, agreed to acquire a $922 million portfolio of nonperforming loans ($700 million aggregate market value) for a purchase price of $537 million.
The information was disclosed in an 8-K filing obtained via DisclosureNet.com. Altisource Residential is managed by Altisource Asset Management Corp., the Frederiksted, U.S. Virgin Islands-based
It is currently doing due diligence on the portfolio and if everything goes well, Altisource will take possession in two separate closings, one in the current quarter and one in 4Q13.
Altisource also said it has completed the acquisition for the Department of Housing and Urban Development and SerVertis REO LLC of $322 million of nonperforming loans ($252 million in aggregate market value). This was part of an overall $470 million portfolio transaction. All of the SerVertis loans and most of the HUD loans were in the first closing. The remainder of the HUD portfolio should be acquired this month.
