Red Bank-based Zais Financial Corp. announced today it has completed its acquisition of a residential mortgage loan portfolio with an unpaid balance of about $98.2 million.
According to the announcement, Zais used about $54.8 million of its Citibank N.A. financing facility in completing the deal.
This is the company's second whole loan purchase this summer, with the first closing in June for $167 million. Zais expects this purchase to benefit them via the ongoing recovery of the housing market, the company said in its statement.