HUD’s results summary for HVLS 2027-1 reports each winning bidder’s loans by state. It does not report each state’s loans by bidder. The Florida table below is that second view, reconciled from the twenty-one per-bidder state tables; its loan counts sum exactly to the 292 Florida loans the state table reports. As far as Investor Trustee Services is aware, it has not been published elsewhere.
The national totals, the full list of winning bidders and HUD’s own definitions follow it.
Florida: 292 loans, and the biggest book in the sale
Texas had the most loans in the sale, 299 to Florida’s 292. By dollars the order reverses. Florida’s loans carried $86,920,551 of updated loan balance against Texas’s $75,964,616, and $74,631,650 of broker price opinion value against Texas’s $71,513,800. Florida’s balance is 7.3% of the national updated loan balance.
| State | Loans | Updated loan balance | BPO value |
|---|---|---|---|
| Texas | 299 | $75,964,616 | $71,513,800 |
| Florida | 292 | $86,920,551 | $74,631,650 |
Winning bids on the Florida loans totaled $45,139,680: 60.5% of the Florida broker price opinion value, and 51.9% of the Florida updated loan balance. About 52 cents on the dollar of what is owed.
Who bought Florida
Ten of the twenty-one winning bidders took at least one Florida loan. Four of them took 274 of the 292.
| Winning bidder | Florida loans | Updated loan balance |
|---|---|---|
| GITSIT Solutions, LLC | 93 | $25,805,307 |
| Sarles Mortgage Acquisition Company, LLC | 84 | $22,959,819 |
| Upland Mortgage Acquisition Company III, LLC | 54 | $18,185,705 |
| VRMTG ACQ, LLC | 43 | $14,480,182 |
| The Headlands Foundation | 5 | $1,990,093 |
| HGF Management Company, LLC | 4 | $1,312,159 |
| PLAZA BELMONT LLC | 4 | $978,119 |
| WINDSTREAM CAPITAL LLC | 3 | $690,018 |
| Beltway Capital, LLC | 1 | $335,046 |
| First Iron Capital LLC | 1 | $184,102 |
| Florida total (Table 3.1) | 292 | $86,920,551 |
Reconciled from HUD’s per-bidder state tables (Tables 3.2–3.22). The loan counts sum exactly to the state table’s 292; the balances sum to within $1 of its $86,920,551, a rounding difference in HUD’s own tables.
Four buyers took 94% of Florida. GITSIT Solutions, Sarles Mortgage Acquisition Company, Upland Mortgage Acquisition Company III and VRMTG ACQ hold 274 of the 292 loans between them. The other six Florida buyers hold eighteen.
Two of them are the Florida specialists of this sale. Florida is 37% of Sarles’s entire pool by updated loan balance, and 33% of Upland III’s. GITSIT, which took the most Florida loans, took them as part of a 2,144-loan national book; Florida is a small share of it.
What the public record does not say is what any one buyer paid for Florida. HUD’s per-bidder state tables report updated loan balance only. Each bidder’s price is published as a single percentage of broker price opinion across its whole pool, so a buyer-level Florida price is not in the summary and is not stated here.
The national picture: one bid, three denominators
HUD reports the sale’s $588,940,679 of winning bids against three balances, and the same bids look very different against each.
| Measured against | Sale total | Bids as % |
|---|---|---|
| Unpaid principal balance — principal only | $515,538,427 | 114% |
| Updated loan balance — principal plus accrued interest, mortgage insurance premium, service fees and servicing advances | $1,195,862,495 | 49% |
| Broker price opinion value — the estimated market value of the houses | $961,809,015 | 61% |
Bids can be 114% of principal and 49% of the balance at the same time. The gap between the two denominators is years of accrued interest, insurance premium, fees and advances on loans whose borrowers have died: the updated balance is more than double the principal. Paying 114% of principal is paying 49% of what is owed.
Only the percentage of broker price opinion says anything about the houses themselves, which is why it is the figure worth tracking from sale to sale. HVLS 2026-1 cleared at 69.4% of BPO; this sale cleared at 61%.
All twenty-one winning bidders
Sorted by loan count. The bid column is each bidder’s winning bid as a percentage of the broker price opinion value of its own pool.
| Winning bidder | Loans | Updated loan balance | Bid, % of BPO |
|---|---|---|---|
| GITSIT Solutions, LLC | 2,144 | $609,677,400 | 60% |
| VRMTG ACQ, LLC | 912 | $252,938,817 | 58% |
| Sarles Mortgage Acquisition Company, LLC | 189 | $62,370,727 | 66% |
| Upland Mortgage Acquisition Company III, LLC | 162 | $55,925,872 | 66% |
| Insource East Properties, Inc. | 125 | $58,027,216 | 68% |
| FLC-SP Structured LLC | 83 | $40,334,372 | 68% |
| Beltway Capital, LLC | 45 | $18,933,438 | 59% |
| WINDSTREAM CAPITAL LLC | 44 | $20,343,745 | 66% |
| PLAZA BELMONT LLC | 41 | $13,905,432 | 79% |
| First Iron Capital LLC | 23 | $4,059,476 | 11% |
| The Headlands Foundation | 22 | $8,056,669 | 65% |
| Echelon Capital, LLC (all Puerto Rico) | 22 | $6,680,361 | 69% |
| Oak Harbor Capital, LLC | 20 | $9,115,890 | 63% |
| Tikva 2025 LLC | 18 | $3,461,658 | 52% |
| HGF Management Company, LLC | 17 | $6,708,762 | 68% |
| Creative Homes Pros LLC | 11 | $5,785,212 | 72% |
| JIMS HOUSES LLC | 10 | $6,354,964 | 61% |
| CCFM-Acquisitions LLC | 9 | $4,536,722 | 72% |
| FAIRWORTH365, LLC | 9 | $3,241,022 | 69% |
| ARK | 8 | $1,282,284 | 80% |
| Legacy Impact Investors, LLC | 7 | $4,122,456 | 70% |
The spread: 11% to 80%
Winning bids ranged from 11% of broker price opinion, First Iron Capital’s 23 loans, to 80%, ARK’s eight. GITSIT Solutions alone took 2,144 loans, 55% of the sale, at 60%.
Winning bid as a percentage of broker price opinion, selected bidders. Sale total 61%.
A spread that wide on one afternoon’s auction is a reminder that pool composition drives price at least as much as market appetite does. Two bidders paying 11% and 80% of broker price opinion are not disagreeing about the same houses; they won different houses, in different places, with different title and condition behind them, and priced what they won.
Two terms HUD uses
Broker price opinion (BPO). An estimate of a property’s market value made by a licensed real estate professional from sales trends, the property’s condition and comparable sales. It is not an appraisal.
Updated loan balance. The unpaid principal plus accrued interest, accrued mortgage insurance premium, accrued service fees and servicing advances: everything owed on the loan, not only what was borrowed.
We buy what comes out the other side
Every loan in this sale ends as a house that somebody has to sell. Investor Trustee Services buys single-family assets from HVLS and HNVLS purchasers as principal, on its own balance sheet — the scattered residue that does not justify assembling a bulk trade, in states where a buyer holds too few to be worth a dedicated process. Vacant or occupied, clouded title priced in rather than excluded.
Source: U.S. Department of Housing and Urban Development, HVLS 2027-1 Sale Results Summary (FHA Office of Asset Sales), sale date October 27, 2026. Sale totals and the per-bidder loan counts, updated loan balances and bid percentages are Table 2.1; the state totals are Table 3.1; the Florida-by-bidder table is reconciled from the per-bidder state tables, Tables 3.2–3.22, which report updated loan balance only. The one derived figure is Florida’s bids as a share of Florida’s updated loan balance (45,139,680 / 86,920,551 = 51.9%); every other percentage is HUD’s. Loan counts are as reported at sale; loans delivered at settlement may be fewer where a loan loses qualifying status. Investor Trustee Services is not affiliated with, endorsed by, approved by, or acting on behalf of HUD or FHA. Nothing here is investment, legal or tax advice.
Holding non-performing notes on Florida property? How Investor Trustee Services buys non-performing Florida mortgage notes · The notes desk, on the corporate page
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- HUD distressed property sales, explained
- Who buys distressed property portfolios?
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