Funds planning to invest more than $6 billion to buy and rent foreclosed homes are finding it easy to raise money. The difficulty is spending it.
“The folks that raised capital are worried about under- accumulating properties and how to get capital out in an efficient way,” Richard Ford, a managing director in the real estate investment banking group at Jefferies Group Inc., said in a telephone interview. “A lot’s being raised. Less than $2 billion of institutional capital has been spent.”