Waypoint Real Estate Group LLC, a major investor in U.S. foreclosed homes, has secured a $65 million loan from Citigroup Inc. to help add to its portfolio of properties, the Wall Street Journal reported today. Bankers and investors said that the debt-financing deal is a milestone for the burgeoning business of renting out houses that were previously in foreclosure. Waypoint, an Oakland, Calif., investment firm, is working with Citigroup on a bigger, longer-term financing deal that is expected to close in the coming weeks. Investors have spent billions of dollars in recent months snapping up foreclosed homes, betting that they will profit from the rental income the properties produce.
