A fund controlled by the servicing adviser Interactive Mortgage Advisors this week closed on a $10 million package of foreclosed homes in southeast Florida.
Tom Piercy, managing member of IMA, said the sellers included banks, servicers and hedge funds. (He could not name any of the sellers.)
IMA, of Denver, buys distressed real estate through a fund called Spurs Capital. "It's a natural leverage for us," Piercy said. "We have a lot of clients that need our services and need liquidity."
The single-family homes that IMA/Spurs purchased will be fixed up and rented out and eventually sold.
