Wade Carroll
Senior Manager Acquisitions
Mr. Carroll is the President of Iterum, LLC – a real estate investment firm created to assist non-profit housing organizations efficiently and profitably navigate the non-profit opportunities offeredthem through Fannie Mae, HUD/FHA, and CRA programs. Iterum works side by side with non-profits, raising capital, underwriting acquisitions, and developing income producing business.
Prior to Iterum, Mr. Carroll served as Executive Vice President of BridgeBilt, a San Diego based real estate company. In this role, Mr. Carroll worked with the National Community Stabilization Trust (NCST) to assist non-profit organizations acquire, renovate and sell REO assets. Through his work,BridgeBilt became the first for-profit strategic partner of the NCST, acquiring and stabilizing 700 single family homes in seven states.
More recently, Mr. Carroll helped pilot the first “Non-Profit Only” non-performing note transaction through HUD’s Neighborhood Stabilization Outcome (NSO) program. The purpose of this pilot was to offer mission minded organizations a means by which they can impact local communities by acquiring and stabilizing non-performing assets. Since this initial pilot, HUD has offered three additional “Non-Profit Only” pools in IL, FL, and MA. “Non-Profit Only” pools are now a standard feature in HUD’s NSO offerings..
In 2015 Mr. Carroll co-authored a proposal to HUD to create a “Direct Buy” relationship between HUD, a non-profit, and a government entityto acquire $50,000,000 of non-performing residential loans. The purpose of this proposal was to ensure more non-performing assets were placed in the good care of non-profit organizations (without having to compete directly with the larger hedge funds) and thereby increasing positive outcomes for underwater borrowers. In January 2016, HUD approved this “Direct Buy” proposal for the states of California and Florida.
Mr. Carroll has spent the last 15 years developing programs that not only impact local communities but are also worthwhile for capital. Carroll believes that a necessary element of a good and meaningful program is its ability to sustain itself.
Mr. Carroll holds a Bachelor’s of Science degree from Texas A&M University