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BRESCIA. It will no longer be called Red Arrow. And it will no longer be a shopping mall. MyCredit's goal is to create an international attraction and service center in Brescia that pivots on the city's cultural and tourist vocation. The auction within the bankruptcy proceedings of Freccia Rossa Shopping Centre spa took place yesterday in Milan, and the group led by Mirko Tra-montano-through its subsidiary Horus srl-won “Lot number 1,” that is, the property used as a shopping center (120 ne-gozi, restaurant area, multiplex cinema) for an amount of 16.4 million euros. This award follows the one last June (Lot 2) of the property housing the Virgin Active gym.

The full article is available here

At CreditWeek 2024 we also talked about non-performing loans and an all-round assessment of the NPL sector was drawn.

Forecasts are for an increase in non-performing loans. The reason? According to Mirko Tramontano, CEO of MyCredit, due to the increase in interest rates and the succession of multiple national and international crises (especially from 2020 onwards).

Not only that: there also remains a large amount of unsold stock on the market. From the point of view of secured loans (linked to real estate), however, one can imagine greater suffering for families and small businesses.

Find out more by watching the full interview.

Last 28 May, Mirko Tramontano was a guest on the programme ‘Il salotto del Coach’ on Casa Radio, where he discussed the important instrument of Social Securitisation ‘MySocial Impact’.

The aim is to support families and small businesses in financial difficulty through the ‘Rent to Buy’ mechanism. This system allows debtors to transform their mortgage debt into a lease with a buy-back option, thus preserving ownership of the property and offering greater financial stability.

🎧 The full episode is available here.  

On L'Economia del Corriere della Sera, there is an in-depth article on ‘My Social Impact’, the social securitisation initiative launched by MyCredit to help families and businesses meet their financial commitments on mortgages and allow banks to reduce the NPE ratio, the ratio of impaired loans to the total amount of loans disbursed.

Mirko Tramontano, CEO of MyCredit, explained that the impaired loans covered by the initiative are mainly related to mortgages of Italian households and small businesses. 
The social securitisation initiative, thanks to the involvement of different institutions, becomes a replicable and sustainable tool over time.

The full article is available here. 

On Quotidiano Nazionale, an interesting article by Giorgio Costa discusses the current macroeconomic scenario in Italy, marked by continuously rising inflation, growing geopolitical tensions, and an increase in ancillary costs and raw materials.

In this context, Italian businesses are facing increasingly complex challenges, with the risk of default steadily rising: according to the latest Credit Outlook 2024 from Cerved Rating Agency, released last December, this rate has risen to 6.22%.

Compared to three years ago, the number of companies with a positive rating has decreased, while the number of companies with a high risk of insolvency has increased.

Mirko Tramontano, CEO of MyCredit, highlighted that "2024 has opened with great willingness on the part of Italian businesses to improve their market positioning. It is essential that this constructive approach, aimed at recovering ground lost during the period of increased ECB interest rates, is combined with an ability to structure themselves more effectively to attract capital and enable sustainable growth. If we then look at the Real Estate sector, as well as the tourist real estate sector, we have daily evidence of great resilience and strong interest in investing with capital from both Italian and foreign sources: this demonstrates the excellent resilience of these sectors, which are destined for a recovery in volumes first and values later, with obvious benefits for sector companies, provided they are able to adapt their quality standards to current market demands."

The full article is available at the following link

My Credit has taken credits of Altea spv srl (a securitisation company) and is ready to start a new plan for the former Freccia Rossa shopping centre in Brescia.

A great result for the entire team, made up of internally trained young people, who managed to achieve a really important result.

Thanks therefore to the whole team!

At this link you will find the interview given to Giornale Di Brescia by CEO Mirko Tramontano.

On today's issue of Il Sole 24 Ore, an interesting interview by Laura Cavestri with Mirko Tramontano, CEO of MyCredit, who talked about social securitizations, a tool provided for by the 2020 Budget Law and My Credit's project.

"The instrument," Tramontano explains, "arises from daily observation: indebted families and businesses wish to retain the property but also manage a manageable debt. We have assessed that social securitization, if used correctly, can be a valid response to this challenge, where the interest is not only that of the investor but also takes into account the rehabilitation of the debtor. [...] For a year now, with a task force, we have been working on the implementation of the instrument, from contractual aspects to impacts on the real economy. The timing is ripe."

The complete article is available only to subscribers.

Giornale di Brescia wrote about the Social Securitisation project launched by MyCredit, the first among institutional investors to have set up a EUR 50 million fund and an ad hoc task force to implement it.

Mirko Tramontano, CEO of MyCredit, explained that this project "can really make a difference for many families who are suffering the consequences of rising interest rates on mortgages at this historic moment. Our innovative credit management model has allowed us to create a very useful tool that until now had remained on paper. At a time when even trade associations and politicians are looking for an answer to these social issues, we believe that it is the task of companies to get involved to help provide a concrete response".

Moreover, adds Dario Bettinelli, Coo and co-founder of MyCredit, "we have identified social securitisation as a tool capable of producing social and economic value. We are proud to be the first in Italy to dedicate real resources to this instrument and to be able to trace the path for its diffusion in the NPE sector".

The full article is available here.

On Avvenire, the article by Rachele Gallegari on the social securitisation project launched by MyCredit, first among institutional investors.

Mirko Tramontano, CEO of MyCredit, interviewed by Rachele Gallegari, explained that 'The decision to adhere to the social securitisation tool stems from an evidence that we have before our eyes every day: debtor families and businesses tell us that they want to keep their property and have a sustainable debt to deal with. We considered that social securitisation could be the forerunner for a path where the interest is not only that of the capital investor, but also takes into account the rehabilitation of the debtor, who is often the fragile figure in the context'.

The project, for which MyCredit has set up a EUR 50 million fund and a dedicated task force, is aimed at families and SMEs, the categories that have suffered most from the effects of financial crises.
"Dealing with the needs that people have has always been both a choice and a business model for us, also dictated by the desire to do something that would in any case be positive for the real economy and consequently also on a social level" explains Tramontano.

The full article is available here.