Banco Santander has put 7,000 reperforming mortgages on the market, with a securitization volume of 700 million euros of loans with some punctual non-payment, although without more than 90 days of insolvency, according to El Confidencial.
Apollo, Elliot, Carval, M&G, JP Morgan and Goldman Sachs are the entities that compete for this securitization, and it is expected that they will present their offers in the coming weeks. Due to the type of loans and their characteristics, the favorites are Apollo, Elliot and Carval, since the big North American banks prefer safer loans and operations with volumes between 1,000 and 2,000 million.
The financial institution tries to alleviate its balance. In 2020, it sold the Atlas Project, with 1,672 million in mortgages, to CPPIB. Months later, before the outbreak of the health crisis, he failed to close the Prometheus Project, which was scheduled to be bought by M&G and Pimco.
Spain is, behind France and Italy, the country with the most failed real estate loans. Since the beginning of 2015, the bank has received 155,921 million euros in real estate assets. According to Axis Corporate estimates, it still has a stock of 80,299 million.
