Kondaur Capital Corp.completed 18 months of operation last December with the purchase of close to 2,000 distressed loans that month, reaching $378 million in unpaid balances.
The company, formed in mid-2007, is a full-service distressed asset firm that relies on its own servicing platform to handle acquisition and eventual liquidation of both performing and nonperforming residential mortgage loans.
Kondaur is one of the few, if not only, reliable purchasers of loans that is adequately staffed, both in quantity and quality, to handle the sale of the mortgage, including all stages prior to, during and after the sale, said Jon Daurio, company chairman.
Daurio added that Kondaurs asset managers called Combat Loss MitigatorsTM undertake highly detailed and time-intensive due diligence, thus determining whether borrowers have the ability and desire to pay and stay or should sell and go, Daurio said. Upon completion, single or multiple loans are then bought and typically the only requirement or obligation of the seller is to provide clean title to the loan.