Realty Shares exits the residential hard-money-loan origination business
Lima One announced that it has acquired the residential loan origination business of Realty Shares (which is sometimes called fix-and-flip). The terms of the acquisition were not publicly disclosed. Realty Shares intends to focus on commercial real estate instead, "sourcing and underwriting commercial deals". Some investors have previously claimed that certain residential loans were not performing (allegedly 84 South Union St for example). If that's correct, it's not clear at this point if Lima One will be taking over the administration of these problem loans, or if that will stay with Realty Shares. I've reached out to Realty Shares for clarification, and will update this post with more information when they respond.