JV looks to buy up to $175M in distressed resi loans, with focus on NY, Miami
A new venture intends to acquire up to $175 million in delinquent loans on properties across the country, particularly in New York City and Miami. The funding will start with a commitment of $25 million.
Real estate investment firm Lakeport Capital will acquire non-performing loan portfolios on condos and single-family homes. Lakeport will receive most of its funding from a “division of one of the top 50 global banks,” which will serve as its venture partner. Financial technology platform Finitive matched the bank with Lakeport. Neither Lakeport nor Finitive would identify the bank.