A Florida investment fund may be close to buying BankUnited Financial Corp., a Coral Gables thrift company that warned last month it could fail if it did not raise capital quickly.

Sources familiar with the matter say that Vanquish Capital Group LLC of Delray Beach has agreed to invest $500 million in BankUnited, gaining majority control of the $14.2 billion-asset company. Under terms yet to be finalized, toxic assets — mainly payment option adjustable-rate mortgages — would be removed from BankUnited's balance sheet and housed in a vehicle co-run by Vanquish.

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