GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
632332

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Denise Brailey

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BFCSA: LOANS CRASHING in Ireland: Fears of large-sale evictions when investors leave Ireland: Peppers, GEM, Goldmans - the usual pillaging Banker suspects

Posted by on in Consumers Fight Back
  • Font size: Larger Smaller
  • Hits: 1058
  • 0 Comments
  • Print

Fears of large-sale evictions when investors leave Ireland

 

25/04/2016

Shane Phelan and Peter Flanagan

 

http://www.independent.ie/business/personal-finance/property-mortgages/fears-of-largescale-evictions-when-investors-leave-ireland-34656300.html

 

Families renting properties owned or controlled by large investment funds are facing huge uncertainty over the future.  Several of the largest investment firms, who have swooped in to buy swathes of Irish property loans in recent years, are refusing to give assurance about how long they will continue to operate here.

 

Their silence will fuel fears for large-scale evictions, such as those threatened in Tyrrelstown in Dublin and Blackrock in Cork, where properties are being sold out from under tenants.  Many funds operate cycles of five years, or even less before they move to cash in on their investment.

 

The Irish Independent surveyed the major investment funds who have bought into the property market in recent years.  However, most refused to say how long they would be staying in the Irish market, or if they would be selling up to make a quick return on their investment.

 

The include firms such as:

 

Goldman Sachs and private equity group Carvel which together bought a 2 billion pounds  portfolio of Irish buy-to-let residential and small commercial mortgages in 2014:

Loan Star whose purchases in Ireland have included loan portfolios with a face value of 7 billion pounds sold by the Irish Bank Resolution Corporation in 2014

Apollo Global Management and Deutsche Bank who purchased a 500 million pounds real estate loan bank from Ulster Bank last year

Cerberus, which has been buying portfolios from the state and banks over the past for years

 

A number of investment firms with a track record of longer-term investments, such as IRES and Kennedy Wilson, declined to be drawn on their intentions.  A small number who would not comments said they intended remaining here for the foreseeable future.

 

Mars Capital, which had purchased 1,000 apartments and houses in Ireland said it had made “a long-term commitment to its business here”.  The firms said it had recruited a team of 40 staff in Dublin to service loans over the coming years.

 

“We will continue to monitor the performance of the portfolios and will review our strategy on an on-going basis a spokesman said.”  He said it was not Mar’s policy to put unnecessary pressure on borrowers or hasten repossessions – and that it adhered to the Central Bank’s code of conduct on mortgage arrears and the consumer protection code.

 

Pepper Group which entered Ireland in 2012 when it bought the mortgage business of GE Capital, said “it had a long term commitment to Ireland”.  A spokesman said it had expanded it’s business here, now employing 400.  She said it had recently launched a mortgage lending division and was also providing advisory and asset management services.

 

US investment firm Blackstone, which controls about 200 units, most of which are in the tallest block in the country, the Elysian Tower in Cork, declined to comment.

 

Dublin based Hibernian REIT, which is understood to own 313 apartments in the capital, was precluded from commenting as it ‘is in a closed period” ahead of publishing it’s annual results.  The Wyckham Point development in Dundrum makes up the bulk of its holdings in the capital.

 

The European arm of the LA based Kennedy Wilson has also declined to comment.  It has bought up swathes of apartment blocks around Dublin.  The firm is building apartments at Clancy Quay near Heuston Station and plans to have 800 apartments there by 2018.  It also controls another 353 units at two sites in Dublin.  It has bought both loans and property outright in the past and has previously indicated it is open to buying more loans here with a view to taking over the related property eventually.

 

US investment firm Hines, has spent close to 1.2 billion pounds in Ireland in recent years.  It plans to build 3,800 homes at Cherrywood in West Dublin and has made it clear it expects to do more deals here in the future.

 

Canada’s IRES REIT has become the biggest landlord in the country in the space of three years.  However, it did not answer questions from Irish Independent on its future intentions.  It controls 2,056 apartments around Ireland, mostly in Dublin.  It bought many of these in portfolio sales from NAMA.  Like Kennedy Wilson IRES REIT has done very well out of Ireland and is thought to be keen for more.

 

In February company chief executive David Erlich said there was a growing Irish economy and a severe supply and demand imbalance which is likely to extend for a number of years”.  As a result our prospects for continued bottom line growth are very positive, he added.

 

Most experts expect residential rents to continue to climb as there aren’t enough homes being built and demand remains high.  Average rents rose 9 per cent in the last 2 months of 2015, according to Daft.ie

 

read more http://www.independent.ie/business/personal-finance/property-mortgages/irelands-biggest-landlord-dublin-rents-are-at-breaking-point-34721256.html

Last modified on
Rate this blog entry:

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Saturday, 21 September 2019