Impac Mortgage Holdings Inc. (IMH), a Maryland corporation, being taxed as a real estate investment trust, has executed a letter of intent to acquire the special servicing platform of UBS AG, New York branch. UBS has agreed to contribute specified balances of loans to the platform as part of a strategic alliance with Impac.
As part of the purchase of the servicing platform, Impac will issue to UBS warrants to purchase up to 2% of the current outstanding stock of IMH. The transaction will be subject to execution of definitive agreements between the parties and completed due diligence.
"The special servicing platform will be combined with our master servicing, default department and real estate auction business to synergistically work together as a fully integrated platform to maximize the success of opportunistic investments in mortgage assets," says Joseph R. Tomkinson, chairman and CEO of Impac. "We believe this will be a valuable component as the company moves ahead on executing certain proposed initiatives.’
SOURCE: Impac
