Welcome to Part Two of our four-part Blog Series featuring the impending Loan Sales that are occurring with European Banks.
This series of blogs shares our knowledge and keeps our readers up to speed with the fast-developing market that covers foreign mortgages. This blog answers the question of ‘Why do banks sell on loan books?’ As Covid-19 restrictions ease, and life begins to resume, Banks are starting to face their issues. What they are faced with are a number of different aspects that are driving them to undertake loan sales which typically, they sell to what are called vulture funds.
The main points as to why Banks are selling these loans are:
take action immediately, especially if there is a negative equity property involved.
have seen a huge increase in enquiries from people who are sent threatening letters from foreign banks. We advise those in this situation toBanks don’t give notice as to when they are looking at a loan sale. They can be brutal in their attack and they are far more aggressive in their approach. If they are going to come after you – they will come after you; they will look to get their pound of flesh.
Vulture Funds are a completely different animal therefore they have a completely different agenda, they are far more aggressive in their approach.
Keep an eye out for Part 2 of our Loan Sales Blog Series to find out more!