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Starwood Waypoint purchases $219 million in non-performing loans

REIT increases delinquent loan holdings

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Starwood Waypoint Residential Trust (SWAY) has purchased two separate pools of non-performing loans for $218.7 million. The total purchase includes 1,294 non-performing loans and 146 REO homes.

The company did not disclose the seller of the loan pools.

Starwood Waypoint is a real estate investment trust, and was spun off of Starwood Property Trust (STWD) in January. The REIT’s business plan was built on owning and operating single-family rental homes and investing in NPLs.

“NPL purchases continue to be a great channel for acquiring single-family homes in our target markets at attractive discounts while enhancing equity returns through alternative resolutions,” Gary Beasley, co-CEO of Starwood Waypoint, said.

“These two pool acquisitions support our view that similar opportunities remain in the marketplace that meet our strict underwriting criteria for portfolio composition and pricing.”

According a release from the REIT, the $202.4 million total purchase price of the NPLs represents approximately 69.2% of the total unpaid principal balance of $292.6 million and 72.2% of the estimated broker price opinion value of $280.4 million at the time of each purchase.

The company said that it has, either in its current incarnation or in its previous form as part of Starwood Property Trust, purchased nine NPL pools, with an aggregate purchase price of $692.3 million.

This total purchase price represents approximately 57.7% of the total UPB of $1.2 billion and 69.2% of the estimated total BPO value of $1.0 billion at the time of each purchase.

In March, the REIT joined Colony American Homes, Invitation Homes, and American Homes 4 Rent in forming the National Rental Home Council.

The new group is a non-partisan coalition focused on increasing education about the professionally managed single-family rental industry and advocating for the benefits brought by the sub-sector of today’s estimated billion-dollar rental market.

Throughout 2014, Colony American Homes, Invitation Homes and American Homes have all securitized pools of single-family rental homes. 

When Starwood Waypoint launched in January, sources told HousingWire that the REIT would not be securitizing its investments. 

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