US Debt Ventures, a private equity firm that has acquired over USD750m in non-performing loans to date, has secured a USD100m revolving credit facility from a major financial institution.
The facility gives US Debt Ventures increased capacity to further expand its successful non-performing loan and REO disposition model.
The firm expects to surpass USD1bn in total portfolio purchases in 2013 and following the close on this financing facility, US Debt Ventures plans to deploy committed capital through national non-performing loan and REO portfolio acquisitions.
Todd Billings, chief executive of US Debt Ventures recently, says: "We are pleased with the successful completion of securing this credit facility. This financing represents a significant milestone for US Debt Ventures. Securing this line of credit gives us the flexibility to acquire additional assets in a highly attractive environment. The securing of attractive debt financing also validates our success as an owner and manager of distressed mortgage and REO assets. This level of commitment from a large financial institution represents a vote of confidence in our performance and the strength of our company."
