The hiring of Mr. Matza represents a major step forward as the company seeks to raise private equity to both increase acquisitions of mortgage foreclosures and expand more aggressively into residential investment.
Austin, TX (PRWEB) November 05, 2012
Econohomes, a leading reseller of mortgage foreclosure properties in the United States, announced it has hired Matt Matza, a real estate fund executive formerly with Cypress Real Estate Advisors, to head their capital markets strategy as the Vice President of Corporate Development.
According to Jeff Ball, CEO of Econohomes, the hiring of Mr. Matza represents a major step forward as the company seeks to raise private equity to both increase acquisitions of mortgage foreclosures and expand more aggressively into residential investment property lending. "Hiring a seasoned real estate fund executive like Matt Matza to lead our capital markets strategy will put us on the right track to continue our growth well into the future,” says Mr. Ball. “With sub-$100,000 homes representing nearly 20% of existing home sales, there is a tremendous need for innovative financing solutions. Matt will help Econohomes address the growth opportunities of this market, which is likely to measure in the billions of dollars annually, by helping us raise additional capital from private equity sources.”
Mr. Matza, who earned his M.B.A. from the Stanford Graduate School of Business with an emphasis in real estate and finance, brings over ten years of management consulting, real estate investing and capital markets experience. “I am thrilled to join Econohomes as it continues to distinguish itself as a leader in the REO market,” Mr. Matza says. “Econohomes is uniquely positioned to help many small real estate investors in communities across the United States find and finance properties in foreclosure and turn them back into occupied homes.”
Econohomes recently launched a new line of real estate financing products to help individual investors finance purchases of foreclosed properties listed in its inventory. “Many local investors who want to purchase and fix up distressed properties in their communities often lack the perfect credit scores that make them ideal loan candidates,” Mr. Ball notes. “Econohomes launched its loan products to help these enterprising real estate investors, many of whom have enough for a cash down-payment but are not able to fully document their income and assets in a way that satisfies traditional bank financing.”
Econohomes plans to grow its lending arm even as it continues its acquisitions of mortgage foreclosures in states like Florida, Texas, Ohio and California. “While we can’t eliminate the backlog of mortgage foreclosures overnight, we can make it easier for local, independent investors to grow their real estate portfolios and improve their communities one house at a time,” Mr. Ball says.
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More details about Econohomes REO property listings and new flexible financing portfolio are available at http://www.econohomes.com/.
Econohomes unlocks the enormous potential of distressed properties for buyers, sellers, and communities. With hundreds of investment properties offered in more than 39 states and a proven track record of acquiring and selling thousands of properties since 2005, Econohomes is the alternative pipeline for distressed properties. Econohomes buys REO properties in volume at discounted prices from mortgage lenders and servicers, and almost instantly makes these properties available online to buyers at affordable prices. Econohomes is the leading online source for wholesale investment properties and property financing.