GMAC to buy ResCap unit's resort finance business

NEW YORK (Reuters) - Residential Capital LLC, the mortgage lending arm of GMAC LLC, said on Wednesday a GMAC affiliate has agreed to acquire its resort finance business.

ResCap said it received an initial $250 million deposit from GMAC Commercial Finance, representing the estimated net proceeds for the business, which finances vacation resorts. It said the fair value of the business will be determined by a third party. The transaction is expected to close on July 30.

The money-losing lender has been struggling to pay its debts, and last month GMAC arranged a $60 billion refinancing for the company.

Private equity firm Cerberus Capital Management LP CBS.UL in 2006 led a group that bought 51 percent of GMAC from General Motors Corp (GM.N). The automaker owns the remaining 49 percent.

(Reporting by Elinor Comlay; editing by Jeffrey Benkoe)