DRI Fund recently brought in more than $9 million in unpaid principal balance of non-performing loans to assist residents in low and moderate income communities with housing preservation and a path to homeownership.
As an impact investment manager, DRI is also certified by the U.S. Department of Treasury as a Community Development Financial Institution (“CDFI”). CDFIs are mission-driven financial institutions dedicated to providing financial services that meet the needs of underserved communities.
DRI secured the $9.3 million UPB in single-family, non-performing loans with an average loan size of $221,970.40, delinquency of 5 years, note rate at 5.395% and loan-to-value ratio of 74%.
“Our social impact objectives are to prevent foreclosure, stabilize distressed neighborhoods, create jobs and provide affordable financing to communities underserved by mainstream banking,” says Managing Director and Chief Operating Officer Steven Kirsch.
By developing unique investment opportunities, DRI also brings in attractive risk-adjusted returns that also have a positive social impact. DRI actively manages the DRI Mortgage Opportunity Fund L.P. that invests with this goal.
One in six Americans live in economically distressed communities in the US. DRI strives to keep borrowers in their homes through various techniques such as restructuring mortgages to offer affordable access for residents.
“DRI Fund’s mission of helping underserved communities obtain housing resonates deeply with me as an ideal way to improve neighborhood conditions across the country,” says Palm Beach Hedge Fund Association President Dave Goodboy.
As part of their services, they provide borrowers with intensive financial education counseling, debt management planning, business plan development and strategies for reducing monthly homeownership costs.
“They truly care about producing the best possible outcome for the borrower, the community and their investors.”