Last week one of the pillar banks agreed to sell non-performing loans to the value of €850m to an Irish affiliate of the US private equity fund, Cerberus. This brings to the end a busy year of loan sales from the pillar banks who have sold off a number of high profile loan books in 2019 including - Tara, Omni and Beech to name but a few.
Previously it was difficult to arrange funding to refinance these individual loans as the banks could not take a view on loans with a history. Over the past couple of years the landscape has changed as alternative options from lenders, such as First Citizen, have provided property investors with more choice and access to other solutions.
First Citizen have an experienced CRE team, most of whom have worked directly with the service providers for these funds and understand the need for better processes, faster decisions and quicker drawdowns. For flexible financing of investment assets in the Office, Retail, Industrial and Residential sectors, get in touch with our Commercial Real Estate team today - https://www.firstcitizen.ie/products/cre/cre-team.php.