Starwood Waypoint Still Gobbling NPLs

OAKLAND, CA—Starwood Waypoint Residential Trust has closed on its seventh pool of non-performing loans, in this case a $117 million purchase of 1,441 loans. In addition, the company doesn’t appear to think supply will be an issue: it just entered into an agreement to upsize its existing $350 million warehouse credit facility with Deutsche Bank to $500 million with the additional capacity meant to finance the acquisition of–you guessed it–non-performing loan pools.

“Despite increasing levels of competition in the NPL space, we continue to see plenty of interesting opportunities that meet our underwriting and return parameters, as evidenced by this pool and others in our pipeline,” says Gary Beasley, Co-CEO of the company, in a prepared statement.