West Palm Beach (HedgeCo.net) – Oxford Funding Corp. has signed a letter of intent to acquire $40 million in new properties into its hedge fund, The Oxford Opportunistic Mortgage Fund, Ltd.
The assets are being acquired from ARCOA Capital Partners, LP, a Houston-based investment company. Larry Ramming, Managing Partner of ARCOA, stated, "We expect Oxford to manage and maximize these assets for us as the economy turns around. This should be a win-win for both our investors and Oxford’s shareholders."
Oxford plans to manage this portfolio of properties to maturity or sale. CEO Ron Redd said, "We expect this to be the first step in a series of profitable asset acquisitions over the next several months. We have demonstrated our ability to help Americans stay in their homes and protect equity values while making attractive returns for our company," Redd added. "This is a big step forward in our plan to build value for our shareholders by acquiring assets at attractive values and managing them to realize profits," he concluded.
Oxford Funding is an asset resolution company, engaging in the purchase and management of bulk mortgage loan portfolios in the United States. It buys loan portfolios secured by real estate on a wholesale basis at discounts to face value, and resells the assets on a retail basis with margins. The company acquires mortgage portfolios from banks, mortgage companies, and lenders; restructures and services the loans; and then re-packages the loans for resale. It also acquires performing, under-performing, and non-performing loans.
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