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June 27, 2014
07:32 EDTSWAYStarwood Waypoint Residential acquires large pool on non-performing loans
Starwood Waypoint Residential Trust completed a $117M purchase of 1,441 non-performing loans. The purchase price represents approximately 61.8% of the total unpaid principal balance of $189.4M and 68.2% of the estimated broker price opinion value of $171.6M. This acquisition represents the seventh NPL pool purchased by the company and its predecessor entities, which in aggregate represents a total purchase price of $473.6M. This total purchase price represents approximately 54.7% of the total UPB of $866M and 64.9% of the estimated total BPO value of $729.4M at the time of each purchase. In addition, the company has entered into an agreement to upsize its existing $350M warehouse credit facility with Deutsche Bank A.G. to $500M. The credit facility has a term expiring in September, 2015 with a one-year extension. The additional $150M of capacity to the warehouse credit facility will be used to finance the acquisition of non-performing loan pools. At June 26, the company had utilized approximately $252M of capacity and had approximately $248M of availability under the expanded credit facility. Combined with the recent expansion of its $1B revolving credit facility secured by single-family residences, the company has a total credit capacity for investing in single-family residences and non-performing loan pools of $1.5B, with the ability to expand the capacity to $1.75B with the accordion feature of the revolving credit facility.
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