Mortgage Assistance Center Corp., a Dallas-headquartered financial services company focused on the acquisition, workout and resale of distressed real estate assets in the secondary market, has signed a funding agreement with a large Dallas-based investment fund that provides for up to $50 million in funding.
The company says the funding will be used to acquire pools of distressed residential real estate and residential mortgages through joint ventures formed by the investment fund and Mortgage Assistance Center Corp., which will enter into a servicing agreement pursuant to which the company will service each pool purchased.
An initial joint venture has been formed and has acquired a pool of residential assets for approximately $4.3 million.
