It has been reported that Spain’s Banco Santander has agreed to sell further housing loans which formed part of a portfolio of distressed loans.
The purchaser of the loans is being reported as being the US private equity fund Cerberus and the real estate manager Axactor.
This continues the trend we have seen in recent years of numerous high value acquisitions from so called “Vulture Funds” across the European Banking sector - particularly in Spain & Cyprus.
This latest acquisition potentially spells further bad news for investors who had previously purchased a property in Spain and chose to “hand their keys back” and “walk away” from their properties following the Spanish real estate collapse of 2007. Believing, mistakenly, that the Banks in Spain would not pursue them for any debts outside of Spain.
The new beneficiaries of the Loans however are now aggressively chasing these owners in the UK to recover the associated debts linked to the abandoned properties in Spain.
There is further reading on the subject below.
What is a Vulture Fund? (judicaregroup.com)
I have received a letter from Axactor regarding a mortgage debt in Spain (judicaregroup.com)
Spanish Bank claim successfully settled - Case Study (judicaregroup.com)
If you have received a legal notice from your Spanish Bank or have concerns about a Spanish property mortgage debt or would simply like more information on our fixed fee approach a member of our team will be happy to take your call on a confidential basis at 01438 840258 or via email to admin@judicaregroup.com
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- We have successfully negotiated over £40million of foreign Bank debt being written off for our clients.