NAMA set to offload €1.15bn of Irish property-backed loans

(26 Jan 2013)

NAMA1 Thumbnail0It is reported in today`s Irish Independent that NAMA is set to launch its biggest sale of Irish property-backed loans, with €1.15bn of loans hitting the market.

The National Asset Management Agency has hired advisers to find buyers for the loans, which are expected to sell at a discount to face value.

The €1.15bn 'face value' is the amount borrowed when the property debts were advanced by the original lenders during the boom. NAMA bought the loans at a discount to that 'headline' figure when it took control of them.

The loans selected for sale will be marketed in two blocks – an €800m portfolio dubbed Project Aspen and a €350m grouping known as Project Club.

The plans to bundle the NAMA loans into portfolios were first reported by property specialist CoStar Finance. The Irish Independent has learned that the amount of loans being sold is bigger at €1.15bn than originally reported.

The Project Aspen loans are understood to be "non-performing" loans backed by Irish property assets. Non-performing means the debt is in default; it means a buyer will be able to use the loan to take direct control of the properties.

Plesae click on link to Irish independent for full report

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