Thursday, 27 November 2014
Last updated 16 hours ago
Jan 7 2010 | 2:06am ET
There are more foreclosed homes in the U.S. now than at any point in its history, and a new hedge fund is aiming to take advantage of that lasting effect of the economic crisis.
The Half Moon Group, a New York-based real-estate hedge fund shop, has launched a fund that seeks to profit from the brisk trade in so-called “bulk-purchase” and “quick resale” foreclosed property portfolios. The new Half Moon REO Fund will finance a series of joint-venture partners who specialize in the buying and selling of such large portfolios, HedgeCo.net reports.
“Recognizing an opportunity, we have structured an investment process that takes advantage of the historic discounts available and, while making money for our investors, we are also helping to put vacant, foreclosed properties back into the hands of deserving homebuyers and provide a desperately needed ‘free-market’ solution to our nation’s housing crisis,” Stephen Speiser, founder of Half Moon, told HedgeCo.
The new hedge fund is also backing the launch of RebuildUS.com, a “virtual marketplace” for bulk foreclosed property buyers. The Web site, which is set to debut next month, is also supported by James Barnes, better known as the “Foreclosure King.”
Nov 4 2014 | 9:45am ET
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