NPL and portfolios
NPL and UTP portfolios and single positions: documentary analysis, reconstruction of the actual state of the underlying assets, strategy and placement with qualified operators.
The transaction
A recurring transaction: a bank with a portfolio of positions secured on heterogeneous properties, scattered residential units in the provinces, two warehouses, a hotel, a plot with an expired permit. The data tape is incomplete, the valuations are old, and nobody has checked in person what actually lies behind each position: whether the property is occupied, whether the proceedings have stalled, whether the permit can be recovered. The price the market offers reflects that uncertainty. On the other side, investors and servicers are looking for portfolios where the underlying is known, because that is where the difference between a good purchase and a bad one lies.
How we work
Our work is the underlying. We reconstruct the actual state of each asset: site visit, cadastre, planning, occupancy, status of proceedings, updated valuation where needed. From this reconstruction we estimate the recoverable value per position, and the strategy for the portfolio: sale en bloc, unbundling by cluster, active management of the best positions, negotiated settlement on single names.
We identify investors and servicers from the network, prepare documentation and the data room, manage discussions and assist through to closing. On single positions, where there is still room for an agreement, we work on the solution: agreement with the borrower, sale before adjudication, acquisition at auction through a vehicle.
We are not a servicer: the servicer manages the loan, we know the property. The two together make the right price.
What it includes
- Reconstruction of the actual state of each underlying asset
- Estimate of recoverable value per position and per cluster
- Strategy: sale en bloc, unbundling, active management, negotiated settlement
- Identification of investors and servicers, documentation, data room
- Management of discussions and assistance through to closing
- Solutions on single positions, including acquisitions at auction through a vehicle
Who it is for
- Banks and funds with portfolios of property-backed loans
- Servicers seeking a partner on the underlying real estate
- Investors seeking portfolios with known assets
- Owners with a single non-performing position
Frequently asked questions
Do you also work on single positions?
Yes. A single name with a significant property behind it deserves more attention than a cluster, and often has more routes: agreement, sale before auction, acquisition at auction through a vehicle.
What distinguishes you from a servicer?
The servicer manages the loan. We verify and enhance the property securing it. We work with servicers, not in their place.
Do you work on UTP?
Yes, and they are often the most interesting positions: where the borrower is still active there is room for agreements an NPL no longer allows.
First contact
Every engagement begins with a confidential conversation.
The information on this page describes the real estate advisory activity of Thisavros S.r.l. It does not constitute a public offer, a solicitation to invest or advice on financial instruments.