A fund controlled by servicing advisor Interactive Mortgage Advisors this week closed on a $10 million REO package of homes in Southeast Florida.
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Tom Piercy, managing member of the Denver-based IMA, said the sellers included banks, servicers, and hedge funds among others. (He could not provide specific names, though.)
IMA buys distressed real estate (REO) though a fund called Spurs Capital. “It’s a natural leverage for us,” he said. “We have a lot of clients that need our services and need liquidity.”
The single family homes that IMA/Spurs purchased will be fixed up and rented out and then eventually sold.
