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SilverLeaf acquires GMAC mortgages at 82% discount

The private equity firm has bought 321 single family loans for with a face value of $28m for $4.9m. The Salt Lake City-based firm has been targeting pools of FDIC loans.

SilverLeaf Financial has acquired a pool of 321 single family mortgages from GMAC at a discount of 17.5 cents on the dollar, the firm revealed today.

The Salt Lake City private equity firm said in a statement it bought the loans, which had a face value of $28 million, for just $4.9 million. The 30-year mortgages include performing and non-performing loans originated by GMAC, the troubled former financing arm of General Motors.

The firm added that it had also bought a $5 million note secured against a self storage unit in Fort Myers, Florida. The borrower is ASAP Storage.

Founded in April 2007, SilverLeaf is targeting real estate-related loans from the US government agency that takes over failed banks, the Federal Deposit Insurance Corporation.

In May, the firm said it was seeking to raise additional capital to invest in the sector, and was working with other private equity firms to take advantage of distressed debt opportunities.