Altisource to End Homebuying Business
November 26, 2018
Altisource Portfolio Solutions S.A. has announced it will be selling BRS Inventory, its short-term investments in real estate operation, and will discontinue its Buy-Renovate-Lease-Sell (BRS) business.
Altisource’s BRS business generated $20.3 million of service revenue in the nine months ending Sept. 30, and the company had $51.7 million of BRS Inventory. Altisource did not announce if a seller for BRS Inventory has already been identified.
“In connection with Project Catalyst, the company is working to streamline our operations with a focus on our larger opportunities,” said Altisource CEO William B. Shepro. “With the recent sale of the Rental Property Management business to Front Yard Residential Corp. (RESI) and RESI’s sale of most of its REO and non-performing loans, we believe it is the right time to exit this smaller operation and use the capital invested in BRS Inventory to reduce our debt. Further, given where Altisource’s shares are trading, we believe repurchasing shares represents an attractive use of capital.”
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