Vasrue Launches REO Investment, Rehabilitation Program
Vasrue Capital Investments launched its asset management program that allows the company to acquire and revitalize troubled assets. Vasrue is now fully funded to invest in asset pools valued up to $50m of the Unpaid Principal Balance (UPB) and relieve burdened banks, residential home sellers and hard money lenders. The company bypasses brokers and cuts right to the mortgage sellers to identify, research, appraise and purchase select performing and nonperforming loans, according to a release. The investors find commercial and single-family residential REO assets in Chicago, Indiana, Pennsylvania, Tennessee, Kentucky, Georgia, Arizona, Texas, Nevada and California. “In purchasing and rehabilitating troubled assets, we're pleased to play a key role in revitalizing communities across the nation that have been negatively impacted by the current global economic crisis,” explains Clinton Douglas, asset manager of Vasrue Capital Investments. Vasrue’s senior underwriters begin with a preliminary review of the property. If interested, the seller receives a notice and three business days to complete all the necessary loan paperwork. During that time, Vasrue works with the seller to find an agreeable price, and the company guides the seller through pre-closing, closing and post-close activities. The process usually takes less than 20 days to complete. Write to Jon Prior.