India, Aug. 27 -- Thursday, Velocity Financial, Inc. (VEL) announced an agreement to acquire the operating platform of Toorak Capital LLC, which is majority-owned by funds advised by affiliates of KKR.
Toorak has separately agreed to sell its existing portfolio of business-purpose loans, totaling approximately $3 billion in unpaid principal balance across whole loans and loans held in Toorak Mortgage Trust and TRK Trust securitizations, to a third-party investment firm.
In connection with the transaction closing, Velocity will enter into an agreement with the third-party investment firm to manage the portfolio acquired from Toorak. Velocity will also establish agreements to sell future Toorak loan production to the third-party investment ...