Vehicles and securitisations
Transactions through vehicles and securitisations with real estate underlying: structuring of the property component, coordination of the parties and assistance from set-up to execution.
The transaction
A recurring transaction: an investor acquires a portfolio of property-backed loans and wants to manage the underlying actively, buying the best properties at auction rather than letting them go to third parties, enhancing and disposing of them. This requires a vehicle, a ReoCo, a servicer, an arranger, a law firm, and someone who knows the properties one by one: because the vehicle's business plan holds only if the underlying is what it is believed to be. In another variant, an institutional owner must structure the disposal of a portfolio through a vehicle, and needs the property component set up before the financial one.
How we work
We support the parties on the property component, which is ours. We analyse and enhance the underlying assets, build the real estate part of the vehicle's business plan, and coordinate it with arrangers, servicers, law firms and management companies, who remain responsible for their respective competences. We do not replace them: we are the property counterpart in a structure that, without one, reasons on unverified numbers.
In the operational phase we assist the management of the properties held by the vehicle: participation in auctions, taking in hand, enhancement, disposal. It is the work that turns a portfolio of loans into a portfolio of properties, and then into cash.
The perimeter is declared: we are not an arranger, we are not a servicer, we do not place financial instruments. We are the real estate advisor inside the transaction.
What it includes
- Analysis and enhancement of the underlying assets
- Real estate component of the vehicle's business plan
- Coordination with arrangers, servicers, law firms and management companies
- Assistance in acquisitions at auction through the vehicle
- Operational management of properties held by the vehicle: taking in hand, enhancement, disposal
- Assistance from set-up to execution
Who it is for
- Investors acquiring loan portfolios who want to manage the underlying
- Banks and funds structuring disposals through a vehicle
- Servicers and arrangers seeking a property partner in the transaction
- Institutional owners with portfolios to place through a vehicle
Frequently asked questions
Are you an arranger?
No. The arranger structures the financial transaction; we structure the property component and coordinate it with them. We work with arrangers, servicers and law firms, each in their own role.
What is a ReoCo and when is it needed?
It is the vehicle that acquires and manages the properties securing the securitised loans, typically at auction, to enhance and dispose of them rather than suffer adjudication to third parties. It is needed when the underlying is worth more than the auction would realise. Establishing that is our job.
When is a vehicle preferable to a direct sale?
When the portfolio is heterogeneous, when the underlying needs active management before it is worth anything, or when the structure of the transaction requires it for financial or tax reasons. These are assessments to be made with the arranger and the tax advisor: we bring the property part.
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.