Spurs Capital is coming to market with two small loan pools: a $25 million package of performing/sub-performing product, and $20 million worth of nonperforming mortgages.
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The offering circular is expected to reach interested investors some time on Wednesday, said one official.
Spurs, an affiliate of Interactive Mortgage Advisors, Denver, has completed 12 deals totaling $75 million since mid-May.
The residential NPL market has experienced ups and downs over the past three years with some brokers saying that demand is strong, but sellers continue to hold out for more money than the market will offer. “The bid/ask spread is still the biggest problem we face,” said one Florida-based NPL broker.
