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ResCap Goes to Mountain

CHARLOTTE, NC-The merger is expected to create a major player in distress buys.

By Carl Cronan | Updated on August 10, 2009

CHARLOTTE, NC-Locally based Mountain Funding LLC has acquired the asset management and special servicing group of GMAC-ResCap’s Business Capital Group for an undisclosed price. As part of the deal, GMAC ResCap has hired Mountain Funding, an investment firm that buys distressed real estate debt portfolios, as asset manager of its residential REO and non-performing loan assets nationwide.

“We have been pursuing this acquisition for several months,” says Peter Fioretti, CEO of Mountain Funding and its affiliated management company, Mountain Special Servicing. He adds that his company expects to be a “major player” in underwriting and bidding on distressed debt portfolios over the next three years.

As part of the acquisition, 14 former ResCap senior management and real estate professionals have joined Mountain Funding’s existing asset management team. Joel Kaul, former head of ResCap REO management, will lead the company’s residential asset management group.

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