Non Performing Loans, My Credit ready to ride the new wave of NPLs in 2024 with acquisitions and sales
Our CEO Mirko Tramontano was interviewed by Milano Finanza on the outlook for the NPL market in Italy for this and next year.
The full interview is available here.
MyCredit securitizes 190 million NPL loans
My Credit Spa, a company specialized in the valorization of NPL and UTP Secured assets and portfolios, acted as Arranger and Noteholder in the new securitization of Brenta SPV.
The transaction also involved Gardant - through its subsidiary Master Gardant S.p.A. - in the role of Servicer, Corporate Services Provider, Paying Agent, Calculation Agent and Representative of the Noteholders.
The securitization has as its underlying impaired loans largely backed by mortgage guarantees, sold by a leading banking group with participation from 27 banks in the group, as well as loans sold by another securitization vehicle, with an underlying collateral collateral consisting in total of more than 1,000 real estate assets.
For the legal aspects, My Credit was assisted by Andersen with attorneys Marco Giorgi and Andrea Ferrandi; Master Gardant S.p.A. was instead assisted by Eversheds Sutherland with attorneys Umberto Mauro and Rossella Severi.
"We are particularly pleased with the finalization of this transaction, entirely structured by the MyCredit team together with all the partners mentioned who provided support: an important milestone for the growth of our group, firmly positioned in the real estate non-performing market," said Mirko Tramontano, CEO of MyCredit.
"This transaction confirms the centrality of the master servicing and securitization services business in the Gardant Group's strategy, which aims to offer its partners the widest parterre of high value-added services and solutions in the world of receivables and related capital markets structures," said Paolo Peruzzetto, Head of Business Development at Gardant.
Dario Bettinelli, COO and Co-founder of MyCredit, was interviewed by Pambianconews Real Estate on the topic of NPLs and how, in a shrinking economic cycle and with rising interest rates, the NPL market offers investment opportunities but also requires appropriate recovery strategies and adherence to business plans.
According to Bettinelli, although indicators show an increase in NPLs due to the prolonged macroeconomic situation, the Italian real estate market remains stable overall.
Currently, the value of loans under management at MyCredit amounts to EUR 350m and, in the last year, it has reached total investments of around EUR 100m.
Thanks to a network of about 1,000 brokers in the territory, MyCredit is able to assess asset by asset and perform a comprehensive, analytical on-site verification. The growth strategy is to steadily increase investments and to end the year with a further increase of around 20-30 million equity.
More specialization needed for new wave of non-performing loans
On Aziendabanca, an article by Mirko Tramontano on the outlook for non-performing loans and the growing need for specialized figures.
The market that revolves around the recovery of Non Performing Loans, in fact, is moving more and more in the direction of the specialization of operators. A choice that appears strategic in front of the significant masses of present impaired credits and especially for their different types.
These are, in fact, very different loans and in order to arrive at their "grounding" a segmentation of portfolios according to their peculiarities will be needed, accompanied by increasingly specific professionalism of the operators. Not least because it is estimated that the series of crises that have been marking these last few years, starting in 2008, will push for further growth in NPL/UTPs.
The full article is available here: https://www.aziendabanca.it/notizie/imprese/crediti-deteriorati-immobiliari-specializzazione
MyCredit supports a scholarship for the University Master's Degree Course
In ottemperanza agli adempimenti di trasparenza e pubblicità previsti ai sensi della Legge n.124 del 4 agosto 2017 articolo 1 commi 125-129 (come sostituito dall’art. 35 del D.L. n. 34 del 30 aprile 2019), si riportano di seguito contributi, agevolazioni e comunque vantaggi economici ottenuti dalle pubbliche amministrazioni da parte della Make Your Credit S.p.A. (CF 04111870988):
- contributo sostegni art. 1 DL 22/03/2021 N. 41 per euro 12.447, Autorità Concedente Agenzia delle Entrate;
- contributo a fondo perduto previsto dall'articolo 1, commi da 16 a 27 del D.L. n. 73/2021 (c.d. "Decreto sostegni bis"), conv. nella L. 106/2021, per euro 12.447, Autorità Concedente Agenzia delle Entrate.
Ai fini di una più esaustiva informativa su contributi, agevolazioni e vantaggi economici ottenuti da pubbliche amministrazioni e in ottemperanza agli adempimenti di trasparenza e pubblicità previsti ai sensi della Legge n. 124 del 4 agosto 2017 articolo 1 commi 125-129 (come sostituito dall'art. 35 del D.L. n. 34 del 30 aprile 2019), si rimanda al Registro Nazionale degli Aiuti di Stato.
Tramontano (My Credit), new waves of Npl on real estate
Mirko Tramontano was interviewed by @Dealflower about the near future of NPLs (non-performing loans) in real estate.
In fact, according to data from Banca Ifis, it cannot be ruled out that between the end of 2023 and the beginning of 2024 there could be a further influx of NPLs in the real estate sector. Hypothesis also confirmed by Mirko Tramontano during his interview, according to which the impact on the real estate market will mainly relate to the liquidity of assets.
Today My Credit has increased its portfolio by an additional 150 mln Gbv, while in the pipeline is the 'analysis of about 300 mln additional. "The trend is very positive because we are moving toward a direction of expansion with significant volumes. However, we are trying to achieve not so much an increase in volumes as an end in itself but a balanced growth while maintaining a high attention in the analysis of the underlying of the credits we are going to acquire," Tramontano commented.
To read the full interview: https://dealflower.it/tramontano-my-credit-nuove-ondate-di-npl-sullimmobiliare/
My Credit growing steadily: acquired 5 portfolios and started 6 new projects between 2021 and 2022 for a GBV of €130 million
Milan, September 20, 2022 - My Credit Spa, a company specializing in the valorization of NPL and UTP Secured assets and portfolios, with an innovative proprietary management method based on territoriality and the ability to act as a bridge between the financial and real estate worlds, continues its growth in asset management by confirming a positive trend that has seen the acquisition of 5 new portfolios in 2021 and the start-up of 6 additional projects in the first half of 2022 alone, for a total GBV value of €130 million, thanks also to the consolidated collaboration with Balbec Capital.
In particular, the purchase of portfolios and assets worth over €75 million from the primary market and over €55 million from the secondary market, among others, was finalized.
My Credit finalizes €3 million capital increase and appoints new board of directors
My Credit has completed the increase of its share capital by an additional 3 million euros, with the entry of new major partners among individuals, businesses and international investors.
Last July 7, the shareholders' meeting also appointed the new Board of Directors with the reappointment of Mirko Tramontano and Dario Bettinelli as Managing Directors, as well as Andrea Cavaliere as Director.
Mirko Tramontano said, "My Credit's innovative approach continues to attract the interest of investors, partly as a result of the excellent results achieved. In the coming months we expect the volume of investments to increase and the acquisition and management of larger and larger portfolios."