NON-PERFORMING LOANS

Type: Opportunistic

Location: Locations throughout Portugal

Status: Realised

Management of Boxberg Capital, while working for another fund, acquired some 1,500 non-performing loans backed by residential real estate throughout Portugal. The seller was a Portuguese bank, which was under pressure to clean up its balance sheet and the portfolio was acquired at a significant discount to face value. The loans were at various stages of foreclosure and the transaction required the creation of a new servicing platform. After several years of harvesting, the residual portfolio was successfully sold to another financial institution looking to expand its non-performing loan portfolio in Portugal.