14 February, Bebeez
Banca di Monastier e del Sile Credito Cooperativo (BCC Monsile) from Treviso transferred without recourse an unsecured NPL portfolio amounting to 33 million euro gross to Balbec Capital.
The portfolio is exclusively composed of unsecured loans or backed by personal guarantees and/or second or third mortgages originated from loan contracts under the Italian Law which became non-performing between September 2003 and November 2017.
Balbec acquired the portfolios through a special purpose vehicle. BCC Gestione Crediti was the advisor for BCC Monsile, while EthicalFin NPL srl and Duepuntozero NPL spa assisted Balbec in the operation acting as special servicers for the spv in charge of the securitisation.
EthicalFin NPL srl was incorporated by Pommes D’Or Family Office Limited (the London-based family office of Alexandra and Alessandro Mele) and Alfredo Fineschi. Today, the company manages NPLs for about 250 million euro.
In Italy, Balbec has acquired so far NPLs for approximately 2.2 billion euro in total through 20 different operations concerning various sellers. Balbec completed its first investment in Italy in 2013.
Translator: Cristina Ambrosi