We Save Homes Inc. (WESA), a loss mitigation software provider, has signed a definitive agreement to acquire a controlling interest in Metro Pacific Management, a processing service center that offers real estate owned (REO) asset management, loan pool analysis and borrower contact, among other services.
WESA will have a 51% interest in the joint venture and will control Metro Pacific Management and consolidate its results, the company says. The Metro Pacific Management team will continue in their existing roles.
For this acquisition, WESA will pay 300,000 shares of stock plus an undisclosed percentage of the revenue streams that WESA generates from asset investment, processing short sales or other distressed assets, REO management, real estate transactions and its call center. The transaction, which is subject to customary closing conditions, regulatory approvals and approval from WESA shareholders, is expected to close by April 30.
"Starting with foreclosure avoidance services and strategies and including high-volume loan modification, home retention, loan servicing and asset management, we believe that WESA is way ahead of the curve in this market and will be an asset to any lender/servicer in need of our services," says WESA President Ryan Boyajian.
SOURCE: We Save Homes Inc.