Starwood Waypoint Buys Delinquent Loan Pool for $73.3 Million

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Starwood Waypoint Residential Trust has purchased a pool of delinquent loans and bank-owned homes for a total price of $73.3 million.

The transaction consists of 430 nonperforming loans and 81 REO properties, the Oakland, Calif.-based owner of single-family homes said in a press release.

The nonperforming loans were bought for $58.7 million, which represents approximately 70% of the estimated broker price opinion value of $84.4 million, the company said on Wednesday.

During the third quarter, the company invested $309 million to acquire four pools that consisted of 1,800 delinquent loans and more than 300 REO homes.

“This deal and others we’ve closed during the third quarter support our view that plentiful opportunities continue to be available in the marketplace that meet our strict underwriting criteria for portfolio composition and pricing,” Gary Beasley, co-chief executive officer of Starwood Waypoint Residential Trust, said in the release.

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