Tampa, Fla.-based Walter Investment Management Corp. has entered into letters of intent (LOIs) to acquire pools of residential first-lien mortgage loans at a total purchase price of approximately $90 million. The pools consist primarily of performing, fixed- and adjustable-rate mortgages on single-family, owner-occupied residences, more than 75% of which are located within the company's existing southern U.S. footprint.
The transactions are expected to close prior to year-end, Walter says. The newly executed LOIs bring the total purchase price of pools currently under LOIs to roughly $97 million. After giving effect to these LOIs, the pipeline for performing loans remains in excess of $300 million.
‘We have been working diligently to grow our acquisition pipeline, and believe the continued development of our investment program, coupled with the recent pricing of our securitization, strongly evidences the progress we have made implementing our strategic plan,’ says Mark J. O'Brien, Walter Investment's chairman and CEO.