White Plains, N.Y.-based Diversified Mortgage Workout Corp. has received several subprime mortgage portfolio acquisition proposals ranging in dollar value from $15 million to $20 million and with a face value of approximately $80 million to $100 million – representing a discount of 20% to 25%.
These offerings are being presented by nationally known real estate firms, investment companies and hedge funds that want to sell these performing and nonperforming portfolios at discounts, Diversified Mortgage Workout says.
The firm is currently reviewing all offered portfolios while performing the necessary due diligence regarding the payment histories of individual loans in the portfolios, the real property collateral positions of equity and any current legal entanglements.
‘The company is very pleased with the progress that has been made in such a relatively short period of time in attracting investment capital and the interest of additional large sums of investment capital being presented to us,’ says Victoria Forlenza, president and chief operating officer. ‘With the proper analysis of the portfolios the company acquires and the proper pricing and terms, this will be a very lucrative profit center for the company and its shareholders.’
Source: Diversified Mortgage Workout Corp.