IMH Secured Loan Fund, a real estate investment company, has received the required 51% approval needed from existing investors to go public.
The Scottsdate, Arizona-based company announced support for its IPO late last week. At the end of December 2009, IMH appealed to its shareholders to agree to an IPO in order to raise $300 million. IMH opened it doors in 2003 and invests exclusively in short-term commercial mortgage loans. Its loan portfolio grew until 2008 when it stopped taking in additional capital from investors.