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Goldman Sachs to sell Irish non-performing loans attached to 1,000 properties Banking giant taking advantage of window in market ahead of other loan sales about an hour ago Goldman Sachs headquarters in New York. Photograph: Johannes Eisele/AFP Your Web Browser may be out of date. If you are using Internet Explorer 9, 10 or 11 our Audio player will not work properly.
Wall Street banking giant Goldman Sachs is currently seeking to sell a portfolio non-performing Irish mortgages attached to 1,000 properties, taking advantage of a window in the market ahead of expected problem-loan sales by banks this year, according to sources. The portfolio, known as Project Toucan, amounts to 1,800 loans in total, they said, meaning many properties carry more than one mortgage. It is believed that the loans relate to both buy-to-let and owner occupier properties and stem from various portfolio purchases that the US investment bank was involved in over the past dec ....
AIB sells soured mortgages as it circles Ulster Bank loans Average balance in portfolio being sold is €300,000 and in arrears to tune of €95,000 Fri, Feb 19, 2021, 09:30 Updated: Fri, Feb 19, 2021, 09:31
AIB said on Friday that it has agreed to sell a portfolio of mainly deep-in-arrears mortgages, on the same day that it emerged that it is in talks to acquire as much as €4 billion of commercial loans from Ulster Bank, which is retreating from the Republic. The State’s largest mortgage lender is set to sell the non-performing loans (NPLs) portfolio to US investment group Apollo for a discounted price of €400 million, with Mars Capital Finance Ireland contracted to service the loans. The total original value of the loans in the portfolio, known as Project Oak, was about € 1 billion. ....
AIB declined to comment. However, bank sources said ongoing communication with borrowers in arrears is normal and that the level of engagement with some types of borrowers including with those potentially exposed to the impact of the Covid pandemic has increased as a precaution. A source familiar with the bank s position insisted there was no plan to bundle agricultural and SME loans up for sale, and noted that all lenders have increased their efforts to spot problems among borrowers early in order to avoid a post-Covid repeat of the arrears built up after the last crash. That includes seeking up-to-date financial details and asset valuations, the source said. ....