スペインの不良債権処理銀行(SAREB)は不良債権(貸し倒れ)で破綻して国有化された4つの銀行から、270´000件の土地と家、85'000件の住宅を移転。貸し付け(融資)は別。
PROPIEDADES
Sareb: la madre de todas las inmobiliarias
Ha recibido 270.000 hipotecs y 85.000 inmuebles, además de préstamos
La comisión por la gestión será del 0,1% del valor de transferencia
Por ventas, las entidades recibirán entre un 2% y un 5%
Propiedades / Inmaculada de la Vega Madrid 24 ENE 2013 - 12:28 CET
PROPERTIES
Sareb: the mother of all real estate
Hipotecs has received 270,000 and 85,000 properties, in addition to loans
The management fee is 0.1% of the transfer value
For sales, banks will receive between 2% and 5%
Properties / Inmaculada de la Vega Madrid 24 ENE 2013 - 12:28 CET
Is here to stay three decades. It will be the largest real estate history in terms of assets with property, solar and credits are transferred once the other candidates. Although some say that is not one but a macrogestora or a financial institution created by political imperative to park property. The truth is that, in late December the four nationalized banks transferred to the Sareb 270,000 and 85,000 properties mortgaged property, other than loans. And during this first half will join those from four other entities.
In parallel have signed management contracts for the sale or transfer of assets and will proceed to grant powers to close sales because, to seek liquidity sooner, continue with marketing "retail" floor, both hands specialized companies as traditional real estate agency that will own or manage green light, provided you adhere to the prices and parameters set.
Of course, they have to submit expressions of interest to purchase the entity that manages the property. "The control delays, but also prevents irregularities," reasoned one of the experts Sareb Observatory, privately.
Selling price above will award but sell below require authorization established a committee of Sareb own, still being formed.
As for the fees to be charged for continued management of assets nationalized entities charged 0.1% of the value of each asset transfer, while they receive from the sale would range between 2% and 5 %.
Depend on the type of asset and modulate such percentages if it is sold above the asking price. Also slightly increase the commission when the sale is made by an intermediary.
Marketing experts handle similar commissions, from 2% to 6%, depending on the ownership entity, type of buyer, how was captured, where it comes from and the type of property. If the same percentage also have to charge the seller, the entity which owned: or lower their commission marketers, losing incentive to engage in such sales, or Sareb the upload.
As the transfer of assets has been global in 4000 totaling five folios scriptures as accounting relationship, when registering sales as they occur, will lack detail and debug the different farms and notaries in each river go by giving Additional scriptures where simple registration include additional notes.
As far as credit is concerned positive testimony: the promoter, Juan Antonio Gomez-Pintado, president of Via celere, has received a commitment that in a week or two may charge the money for labor certification for January . It has three floors up on two of the nationalized.
Sales price but within an order
As much as all clamoring for a brilliant operation, quickly and cheaply, giving a boost to revalidate Sareb and to whom the question as a poorly designed monster-massive sales are discarded at competitive prices, for now. "You are required to manage assets more reasonable," says Mikel Echavarren of Irea.
Now when the most reasonable soils require funds to develop or promotions, strikes the lack of liquidity. "Created by political imperative, will be the owner of the property, but will not be able to finance new works, which itself can do outside the BBVA" says a technician near the bank. "Since it is unknown who will manage the benefits and feasibility BBVA is logical that their participation would not see clear. Addition, has its bad bank. Past five years has been working in the computer system with a land management department and partner network. "
From the outside, yes awakens suspicions are a shareholder, with command post, private entities, because these are not, generously, to go against their interests. And thus, this side also discarded drastic price reductions that would harm their own balance.
In this case there are no complaints of lack of dialogue as elsewhere. The opacity necessary ingredient for fat bubbles, feed rumors of all kinds, creating mistrust.
Not everyone shares the experience of Gomez-Pintado not start from the same position. No wonder that institutions have exploited to void contracts and options to purchase land to avoid transfer. The process has been fraught with side effects. Especially when instead of a promoter is sound cooperatives in land management processes.
Among Sareb opens uncertainties is the danger that prior compacts may be violated when actions are passed so there investees estate lending promoter which can not be available to pay the certification or the soil work granted cooperatives that continue to pay interest but can not build because of lack of loan the developer ... The same is true of credit facilities granted to developers to not let them have them. And they are not the only situations which may result in litigation. Some lamented that they were about to deliver a promotional fare to Bankia took away the powers-December 16 froze most efforts-and they could not notarize, which are now housing prices increased 6% VAT rise. Before claim course, must take into account that meets Sareb with a legal requirement could be happened that it assimilable to expropriation.
Some experts anticipate that will continue bleeding job losses and bankruptcy proceedings in the construction sector until the Sareb capable of a minimum speed cruise would not be before 12 or 18 months.
If no haste in management, no danger of credits safely upgraded to become toxic simply because there are very viable partner for it and even promote the company to devote itself to a bankruptcy proceeding. The much coveted foreign investment funds, investment sources are expecting higher sales and more as managers postulate that as investors. Also pose a danger that when they buy credits tend to accelerate rather than bankruptcy proceedings to negotiate refinancing.
It also works against the prohibition emanating from Brussels to nationalized financial institutions as part of its capital may not provide the real estate sector. It is clear the risk associated with the brick of their balance sheets.
Another uncertainty is raised by the fact that the entities are contributing their assets and credits in exchange for debt guaranteed by the State and such indebtedness bears interest expense. The Sareb has left with little capital. There's one billion euros and 45% comes from the FROB.
The cash is only 2.6%, while 89.6% is debt backed by the Spanish public debt or subordinated collection has no preference given default (7.8%).
Another question for anyone who believes that parking is a "brown" to cleanse estate banking and nothing more is whether you can give 15% returns announced. For Mikel Echavarren of consultancy Irea, get such long-term profitability is not flashy, as it will have an equity capital and very small compared to the assets.
As for the length of time it is not unreasonable for the consultant "is not squandering reasonable equity in the short term. Retrieve the maximum value requires the long term. The sale of finished floor is most tangible and once obtain profitability, then there is demand for housing and will certain soils. And if there is reference transactions and more investors will come back the financing. " Positives for Echavarren is that if such a volume of assets sold during that period will be difficult to return to speculation. "It will be a regulator of the market," he says.
0 件のコメント:
コメントを投稿