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Citigroup Loans $65 Million to Foreclosure Rental Firm
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In what was described as a milestone for the foreclosure rental market, Citigroup loaned $65 million to Waypoint Real Estate Group to help them acquire foreclosed homes, reported the Wall Street Journal yesterday.
Several investors and Wall Street big wigs have been jumping into the foreclosure rental market in the past year, buying up foreclosed properties in the hopes of renting them out for a profit. Waypoint got in the business in 2009.
From the Wall Street Journal:
Until Waypoint’s deal with Citigroup, the industry hadn’t yet tapped the debt markets, bankers and investors said. Debt should lower the cost of financing additional purchases, allowing investors to buy more homes at a faster pace. The Waypoint deal underlines banks’ confidence in the investment strategy and may serve as a precursor to another development in the market: Bankers said they have been hammering out details on how to create the first security backed by home-rental payments.
Waypoint currently owns about 2,200 homes; according to the article, they hope to acquire 11,000 by the end of 2013.
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This article originally published at https://dc.urbanturf.com/articles/blog/citigroup_loans_65_million_to_foreclosure_rental_firm/6035.
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