COSTA MESA, CA—GlobeSt.com has learned exclusively thatTGG Realty, an affiliate of CornerstoneRealty Group Inc., has joined with AmericanSpectrum Realty Group to acquire discountedsingle-family-trust deed notes. The initialcapitalization of the venture is $1 million, and TGG will managethe acquisition and disposition of the notes.
The joint-venture partners expect to expand the investment toseveral million dollars over the next 12 months. The business plancalls for the completion of the foreclosure process on the loansbefore either offering the properties for lease to the formerborrowers or listing the properties for sale.
According to John Itzel, president of CRG, “Wesee a slow decline in the foreclosure ofsingle-family loans over the next 24 months. However, with anestimated 4 million home loans still underwater in the US, we seetremendous opportunity to acquire defaulted notes at a significantdiscount.”
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