WHITE PLAINS, N.Y., Aug. 21 /PRNewswire-FirstCall/ -- Diversified
Mortgage Workout Corporation (Pink Sheets: DMWK) announces that the company
has received several Sub-Prime Mortgage portfolio acquisition proposals
ranging in dollar value of between $15,000,000 to $20,000,000 with a face
value of approximately $80,000,000 to $100,000,000, representing a discount
of 20% to 25%.
These offerings are being presented by nationally known Real Estate
Firms, Investment Companies and Hedge Funds whom want to sell these
performing and non-performing portfolios at discounts.
The company is currently reviewing all offered portfolios while
performing the necessary due diligence regarding the payment histories of
said individual loans in the portfolios along with the Real Property
collateral positions of equity and current legal entanglements if any, and
expects to make a decision on some or all of these offerings very quickly.
The company currently has financial commitments of $50,000,000 for such
acquisitions to date, with negotiations underway for another $100,000,000
in financing commitments.
The company has also received preliminary interest in some sort of
Joint Venture arraignment with some Hedge Funds and Investment Firms to
assist with additional working capital to participate in the buying and
selling of all types of performing and non-performing sub-prime mortgage
portfolios.
"The company is very pleased with the progress that has been made in
such a relatively short period of time in attracting investment capital and
the interest of additional large sums of investment capital being presented
to us," said Victoria Forlenza President & COO of Diversified Mortgage
Workout Corporation.
Ms. Forlenza also stated, "With the proper analysis of the portfolios
the company acquires and the proper pricing and terms, this will be a very
lucrative profit center for the company and its shareholders."
Please visit the company's website at: http://www.dmwkcorp.com .
About Diversified Mortgage Workout Corporation:
The company engages in the acquisition of performing and non performing
sub-prime mortgage portfolios and short term financing for individual
troubled homeowner's mortgages. The company has a current outstanding
public float of 2.1 million common shares.
This press release contains certain forward-looking statements. All
forward-looking statements in this press release are based on information
available to the company as of the date hereof, and the company undertakes
no obligation to update forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
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[Via Real Estate Newswire]
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