Subprime Loan Buyer Gets Dubai-led Investment
In the increasingly crowded field of investors looking to buy sub and non-performing mortgage notes, one small shop has added foreign dollars to the mix: White Plains, New York-based Diversified Mortgage Workout Corporation said Friday it had received investment commitments of $20 million from a private investment group based in Dubai. The company said in a press statement that it would look to purchase subprime whole loans with the funds. "We are very excited about this investment, as it is only the beginning," said Victoria Forlenza, president and COO at the company. The company was previously known as Aspen Global Corp., and on August 8 changed its name, saying it would refocus operations on the "acquisition of deep discounted sub-prime mortgage portfolios in the range of 10 to 15 million dollars per portfolio, and short term consumer workout loans for troubled homeowners that need to restructure unfavorable terms with their current mortgages." Aspen Global held a controlling interest in C3 Defense Inc., a weapons dealer and security consulting firm. Forlenza took the helm of Aspen on July 8 and said the company would look to adopt a new business model. Little else is known about the company's operations, or about its qualifications for buying and managing loans -- HW's sources suggest they had never heard of the company -- although it began issuing press statements in earnest during early August. For more information, visit www.dmwkcorp.com.