LRC Asset Management, a majority-owned company of Loan Resolution Corporation (LRC), announced the acquisition of KeyLink Asset Management.
As of March 1, 2012, KeyLink will be known as LRC Asset Management.
“KeyLink has been doing some very innovative things in REO asset management that caught our eye,” said Travis Hamel Olsen, chief operating officer for LRC. “We have always said that we wouldn’t get into any line of business unless we felt we could do it better than the next company, and KeyLink was doing it better than the next company.”
For KeyLink founders, Damien Chiodo and Ty Reed, the acquisition brings specific benefits to both parties.
“Damien and I are excited about the opportunity to broaden our industry footprint and introduce our inventive model to LRC’s broad base of contacts” said Ty Reed, formerly of KeyLink and now managing partner of LRC Asset Management. “The model produces the execution and performance that industry leaders are so desperately searching for today.”
LRC was founded in 2005 and is based in Scottsdale, Arizona. The company serves as a vendor for resolving defaulted mortgages and selling bank-owned properties.