Foreclosed home

The Waypoint Group, a company that buys foreclosed homes and rents them out, has received a $65 million loan to expand in that sector, the Wall Street Journal reported.

The financing represents the first time a player in the foreclosure-to-rental industry has tapped debt markets, the Journal said. The deal should pave the way for Waypoint to expand its portfolio more quickly. [more]

Colin Weil, co-founder of Waypoint Capital

Increasingly private equity firms are snapping up single-family and multi-family proeprties that have been foreclosed on across the nation, Bloomberg News reported.

For instance, Waypoint Capital, a firm based in Oakland, Calif. has $150 million in assets and is buying, on average, five more homes per day at auction. And Waypoint is able to offer 8 to 9 percent returns to investors, the firm told Bloomberg. [more]