(Visited 67 times, 1 visits today)
(Visited 67 times, 1 visits today)

Swiss Merchant, 100 million NPLs

25 October, Italia Oggi

Swiss Merchant Corporation, the corporate finance firm led by Francesco Caputo Nassetti, will manage together with its Italian subsidiary Suits Npl Tailored Investments the sale of 115 properties put as a guarantee of non-performing loans included in the portfolios of two of the main Italian leasing companies. The properties are located in Northern Italy and have a market value of 100 million euro. Suits Npl, based in Milan, will promote the sale through an ad hoc website, as well as with ads on newspapers and through authorised real estate agencies.

“Our real estate advisor activity is carried out in the interest of the defaulting debtors”, explains Gabriele Lo Stimolo, Suits Npl Ceo, “because higher is the prices we sell the property at, more their debt towards creditors will reduce”.

There are currently 357 thousand properties in Italy on sale as a result of mortgages not paid or of bad loans: apartments, houses, villas and industrial depots for a total appraised value of 88 billion euro, reducing at 44 billion the official auction price.

“If even the Italian politics is discussing the possibility of constituting a Reoco ( real estate owned company) with public capital to buy the foreclosed properties, it’s clear that the real estate auctions mechanism is not working”, notes Caputo Nassetti, Swiss Merchant Corporation Ceo. “A property stays on auction on average for 4 years before being sold, compromising, even more, its market value and weighing down the banks’ and leasing companies’ statements. Moreover, people interested in buying a house have difficulties in participating in auctions and they prefer the traditional market. For this reason, Suits Npl will follow all the sale phases and will manage the potential legal and administrative procedures necessary to complete the sale or the leasing of the property.

Source: Italia Oggi

Translator: Cristina Ambrosi

(Visited 67 times, 1 visits today)

Read more:
Everybody is crazy for NoLo, Milan’s trendiest area

24 August, Il Fatto Quotidiano How is an urban myth created? In Milan, everybody’s crazy for NoLo. It’s the new...