Sareb Facilitated 1.280 Deeds In Lieu of Foreclosure & 1.360 Cases of Developer Refinancing

4/04/2014 – El Mundo

Chairwoman of Sareb (the Management Company for Assets Arising from the Banking Sector Reorganization), Belen Romana said that during the first year of its lifespan, the bad bank facilitated 1.280 deeds in lieu of foreclosure and 1.360 cases of collective developer debt refinancing.

At her hearing before the Parliamentary Commission for Economy, Romana stressed ´commitment´ the bad bank has towards citizens and other ´groups of interest´, such as investors, suppliers, real estate developers and other related agents.

She also assured that Sareb has propitiated negotiations, credit provisions, deeds in lieu of foreclosure and other measures, apart from intermediating with various brokers with the aim of helping the developers to maintain their sales and pay-off their debts without worsening the condition of the banking sector.

Precisely, the entity revised around 8.000 developer proposals (44% of the sales collateral to loans, 17% of refinancing, 16% of deeds in lieu of foreclosure and debt executions and the same percentage of dispositions) and launched the Opportunity Plan ´intended for small and medium-size developer firms so that they could repay their loans´ which resulted in debt cancellation worth of €200 million in 2013.

Talking about ´housing troubles harassing many families´, Romana reminded that Sareb offered temporarily 2.000 dwellings for social renting to the autonomous communities. The houses will be available as soon as in the second half of the year. (…).

 

To learn more about the Spanish bad bank, visit our SAREB section.

 

Original article: El Mundo

Translation: AURA REE

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