Interactive Mortgage Advisors, Denver, has launched a new fund to invest $100 million of cash in delinquent residential loans, but also “scratch and dent” products, GSE “kickbacks” and performing notes.
The fund, an affiliate of the company, is called Spurs Capital and has already invested roughly $40 million, said IMA managing member Thomas Piercy.
He said IMA’s niche will be “smaller transactions,” adding that many banks “don’t want to deal with just a few [troubled] loans so we’re providing a solution. You can’t be all things to all people.”
IMA is well known in the servicing space as an advisor and seller of mortgage servicing rights.
