Scratch and dent owner/servicer Kondaur Capital plans to jump its portfolio of distressed assets from 2,000 loans to nearly 30,000 by the end of the year, according to its CEO, John Daurio. According to Daurio, who plans to simultaneously increase his workforce from 300 to 1,000 to cope with the increased workload, Kondaur’s business approach is unlikely to change. “We like to develop a level of affinity with the borrowers, so we are incredibly high touch. We will spend the time necessary to correctly asses the situation on a property-by-property basis,” he says. “Our due diligence includes looking over the credits files, the servicing notes, everything so that we get an intimate knowledge of the asset.” The now shuttered hedge fund, Pequot Capital Management, provided the $1bn in capital necessary for the acquisitions. Daurio will wait to see how the expansion develops before committing to buy any more distressed assets. He adds that the business model of Kondaur is also unique in that it places a unique bid on every property, as opposed to bidding on entire pools of loans, in what he refers to as “true loan level pricing.” This allows the seller to cherry pick from Kondaur’s single bids, something proving very popular in the industry, Daurio said. Write to Jacob Gaffney.
Kondaur to Snap up 28,000 Distressed Assets by Year’s End
Most Popular Articles
Latest Articles
Selling your home to a family member in 5 easy steps
Selling your home to a family member can be beneficial but requires careful planning and transparent communication. Follow these five steps to ensure a smooth transaction, from agreeing on logistics and assembling a professional team to determining your home’s value and understanding tax implications.
-
FOA reverse stock split goes into effect, appears to have intended impact
-
Senate Aging Committee leaders introduce bill on aging in place
-
HousingWire Pulse: Respondents show cautious optimism about the Q3 housing market
-
US Senate committee approves full funding for Ginnie Mae
-
Connecticut Senator asks HUD for answers on backlog of discrimination complaints