Podcasts about npls

European Securitisation Insights

Play Episode Listen Later Jun 21, 2024 6:29

INVX 21/6/2567: Program Trading Sell WHA CRC NEX NRF / Upgrade AEONTS to Outperform same target price Bt 170 ( YTD down by 20%/ NIM bottom in 2Q24 and loan growth'24 at 5% vs ‘23 at -3%/ NPls sale 2 times this year vs 1 time in 2023 vs Prefer TIDLOR MTC***FTSE adjusted Portfolio today *** SET Index trading range 1280-1300/ Flows Sell Big Cap. Bank and Energy vs Buy selective and small cap. Play

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Global ABS 2024

Play Episode Listen Later Jun 6, 2024 19:48

In this episode of Morningstar DBRS's “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, collates the thoughts of Morningstar DBRS analysts featured at this year's 2024 Global ABS conference in Barcelona:- Ronja Dahmen, Vice President, European RMBS & Covered Bond Ratings spoke on the Day 1 panel European Residential MBS- Christian Aufsatz, Head of European Structured Finance, moderated the Day 2 Issuer Roundtable- Mudasar Chaudhry, Head of European Structured Finance Research, moderated the Day 2 Investor Roundtable- Sebastiano Romano, Vice President, European NPL Ratings, spoke on the Day 1 European NPL/RPL Supply panelRelated research is available at the following link: https://go-dbrs.morningstar.com/GlobalABS2024 By downloading or listening to this podcast, you are agreeing to the Morningstar DBRS disclaimer and legal terms and conditions found at dbrs.morningstar.com/about/disclaimer and dbrs.morningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. Morningstar DBRS will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

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SPECIAL EP: Nick Rupolo on the APIA Leichhardt Community Forum, what clubs need to do for the NST & more!

Pitch to Park

Play Episode Listen Later Mar 7, 2024 37:35

The man behind the APIA Leichhardt Community Forum on the 13th of March joins the podcast to discuss the role APIA play in the footballing community, what clubs can do to prepare for the NST & plenty more relating to the NPLs across the country! Join Nick at the APIA Leicchardt Community Forum on the 13th of March at Club Ashfield. It starts at 7pm! PTP is proud to partner with HMBLE. Clothing & Maradona Global for their exclusive 30th anniversary T-Shirt Drop Use the code PTP20 for 20% off on your purchase clicking the link here! Follow Nick here

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INVX Morning Call 28/11/2566

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Play Episode Listen Later Nov 28, 2023 6:02

INVX 28/11/2566 Today Cabinet meeting on Household debt measure Prefer TIDLOR to Bt 26, strong Earnings growth and peak NPLs in 3Q'2566 / Today HANA XD Bt 0.50/ Research Prefer AOT High Conviction list to Bt 84, oversold and Earnings turnaround in 2567/ GULF Outperform tp Bt 63/ AH weak 4Q'66 Earnings, Outperform ***Flows Buy Energy Food and Exportvs Sell Commerce and Consumer Finance

#18: National Second Tier Announcement

Pitch to Park

Play Episode Listen Later Nov 20, 2023 64:03

George and Neal discuss the National Second Tier announcement of the eight founding teams, in addition to the potential ramifications upon the NPLs

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INVX Morning Call 13/11/2566

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Play Episode Listen Later Nov 13, 2023 4:33

INVX 13/11/2566 : GS upgraded Thailand to Overweight 12m SET Index target 1580/Overweight Tech/Neutral Brent Oil 2024 at $ 92 : INVX Overweight Commerce Prefer CRC CPALL BJC GLOBAL : Stocks of the Day Prefer CPALL and AOT : Research Cut target price of CPALL Outperform to Bt 74 from Bt 78 Cut LH Neutral tp Bt 8.80 from Bt 11.00, cut Earnings'23 by 23%weak GRM, high Interest expenses and slow Transfer and Sales MTC Neutral tp Bt 40, peaking credit cost and easing NPLs inflow. Market talked on short covering BAM Neutral tp Bt 9.00, 3Q'23 smaller gain on NPLs and NPAs. 4Q'23 Earning seasonally rise qoq but fall yoy AU stock note Buy tp Bt 13. base on DCF and DY 2.5% EPG Neutral tp Bt 8.20,2Q'24 Strong Earnings from equity income CBG Neutral tp Bt 86,3Q'23 Earnings in line but mkt talked on Short covering

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Ted Martell – Empty Rooms: Commercial Real Estate Non-Performing Loans in NYC at Maverick Real Estate (EP.349)

Capital Allocators

Play Episode Listen Later Nov 9, 2023 47:12

On today's sponsored insight, we'll discuss another empty room – an opportunity ignored by most investors because they either don't want to or can't participate. It's real estate Non-Performing Loans (NPLs) in New York City, a niche opportunity requiring a high degree of specialized expertise. Ted Martell is the Co-Founder of Maverick Real Estate Partners, the leading investor in commercial real estate NPLs and distressed loans in the New York City market. Maverick manages $500 million focusing on the specialty since its launch in 2010. Our conversation covers Ted and David Aviram's path to bootstrapping the business, the nature of the opportunity, and the blend of data science and analysis that makes it work. We also discuss the wide-open landscape of opportunity on the horizon in the NYC commercial market. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership

Unlocking Success in the Distressed Mortgage Market

How to Scale Commercial Real Estate

Play Episode Listen Later Jul 27, 2023 23:29

Today's guest is Bill Bymel Bill is the CEO of First Lien Capital LP, a privately owned distressed mortgage investment platform he founded in 2021 which owns over 700 residential mortgages and REO in over 30 states with a total investment of $65 million in equity dollars. Join Sam and Bill in today's episode. -------------------------------------------------------------- [00:00:00] Intro [00:01:11] Bill's background and experience in real estate investing [00:08:16] Bill's approach to working with distressed borrowers [00:10:18] The revolutionizing the industry [00:11:33] Challenges in the market [00:15:34] The future of the market [00:21:04] The challenges of raising capital [00:22:10] The discipline to say no to easy capital [00:22:45] Closing -------------------------------------------------------------- Connect with Bill: LI: https://www.linkedin.com/in/billbymel/ IG: https://www.instagram.com/billbysea/ FB: https://www.facebook.com/billbymel TW: https://twitter.com/billbymel TT: https://www.tiktok.com/@billbymel Book: Win-Win Revolution - https://a.co/d/cMDA4ov Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Bill Bymel (00:00:00) - You've got somewhere in the range of 250 billion still to 375 billion of defaulted mortgages. Still a very small number in comparison to the market. And so it has been tough, but that's all changing. And a one every 1% move is another 120 billion with a B of new defaults that are coming to market. So we're we're starting to see that trend go in the other direction. And it's like I've just got my popcorn ready. Sam Wilson (00:00:32) - Welcome to the how to scale commercial real estate show. Whether you are an active or passive investor, we'll teach you how to scale your real estate investing business into something big. Bill Bymel (00:00:45) - Bill by Mel. Sam Wilson (00:00:46) - Is the CEO of First Lien Capital L.P. It's a privately owned distressed mortgage investment platform he founded in 2021. They currently own over 700 residential mortgages valued at over $65 Billion in Assets under Management. Bill, welcome to the show. Bill Bymel (00:01:02) - Great to be with you, Sam. Sam Wilson (00:01:03) - Absolutely. The pleasure is mine. Bill There are three questions I ask every guest who comes on the show in 90s or less. Sam Wilson (00:01:08) - Can you tell me where did you start? Where are you now and how did you get there? Bill Bymel (00:01:11) - Wow. 90s or less is the hard part. I started as a residential fix and flip investor in the early 2000 in South Florida. I've been a broker in Florida for years. I live in California now. I built that up, got into commercial real estate, buying and selling brokering as well. And then when the GFC hit, I got a random call from a asset manager in Southern California that said I can buy mortgages for pennies on the dollar. That was my lightbulb moment. That was three months before the fall of Lehman. In the summer of 2008. And from there I built I went on to say, I'm going to do this for a living. And for 15 years I've learned how to buy and sell mortgages, work them out, and really kind of created a new paradigm for how to work with distressed borrowers in the residential real estate market. And I've done this to the tune of several hundreds of millions of dollars at other institutions. Bill Bymel (00:02:08) - The number two guide at a New York private equity firm. And then a couple of years ago, I was the baby bird leaving the nest and started first lien capital with the goal to build it to a half $1 billion company. Sam Wilson (00:02:20) - Wow, that's really, really cool. I love that. So just to just to clarify, you went out and worked for another firm where you kind of cut your teeth learning this business. It sounds like that is a is an effective strategy to really get into what you're doing. Would you recommend the path you took or is there a better, better way to get it done? Bill Bymel (00:02:38) - You know, it's very interesting because the secondary mortgage market, which is where we play, that's how we access our product buying and selling, right? That's where big pools of mortgages are traded, as well as small individual loans. This is a good old boys network. Right. And since the 2008 recession, there's been a lot more access to it. There's almost like a tertiary market beyond the secondary market. Bill Bymel (00:03:04) - Smaller investors trading due to the Internet, due to the availability of communications. That said, the main secondary market remains a good old boys network. So yes, if you can, I always a big believer in finding someone with the knowledge you seek and have them be your mentor. So I met a guy named Pete Sligo back in 2010. At the time, I was buying small deals and and and build, trying to build up. And he had just raised his first 50 million bucks. And he was a mortgage note. He was a mortgage investor with experience at UBS and all the big New York houses. I was like, This is a guy I can learn from and he could learn from me because I knew real estate and we teamed up for ten years. I was his number two. I did all of his Florida stuff and it was through that mentorship that I gained access to the people that you need to know how to and how to work this very nuanced business. You know, it's really taking a Wall Street private equity, institutional world and bringing a main Street approach to it. Bill Bymel (00:04:14) - You know, it's kind of combining those two things in what we do. So I highly recommend finding someone. Sam Wilson (00:04:21) - Absolutely. No, that's that's great. I love I love the way that you've done that. It is a good old boys network, I feel like and maybe it's just because I run a podcast with 800 and something episodes, but I feel like it is at this point it's become more mainstream, like more people understand it. I mean, I don't think before and of course I was probably too young. I went through the oh eight crisis. I owned a business then but didn't understand kind of conceptually how all this was traded and kind of the like you said, the turkey is exactly right. Right. But I feel like more people have an understanding of what a mortgage is now, how they're bought and sold. Right. The we've had just obviously up until now, we're recording this June 13th, 2023. But we've just had a booming economy for a decade or more. Has that has the distressed mortgage market, has the pool of available loans shrunk over the last. Bill Bymel (00:05:11) - Oh, absolutely. Absolutely. It has been very difficult to be a distressed mortgage buyer the last couple of years when there's been no distress. Right. Right. Sam Wilson (00:05:21) - So what did you do? Bill Bymel (00:05:23) - You know, I saw it. So the way I made my mark the first two years of this. So there were some unique opportunities in play with Covid when Covid shut down courts in this country. A lot of the guys my competition in the business really freaked out because if you already owned an existing pool of mortgages that were nearing foreclosure. And all of a sudden the courts closed that down. You know, now there's they're they had no timeline to exit these things they thought they were a year away from. So I got a lot of deals in the last few years buying my competitors tales, stuff from old funds, you know, buying up other people's problems, you know, And I have the experience and the knowledge and the comfort to to to really analyze all of those on a one by one basis. So we really hit it out of the park that way. Bill Bymel (00:06:14) - So part of this business is kind of shifting about shifting with where the opportunity is. Prior to Covid, you know, there was it was scraps. You know, we didn't didn't grow too big. So, you know, there just wasn't enough volume in the in the industry. But keep in mind how big this the residential real estate industry is, $12 trillion of mortgages in America. If there's and we were at our lowest obviously our lowest default rates on record somewhere between 2 and 3%. Right now. So that means that you've got somewhere in the range of 250 billion still to 375 billion of defaulted mortgages. Still a very small number in comparison to the market. And so it has been tough, but that's all changing. And a one every 1% move is another 120 billion with a B of new defaults that are coming to market. So we're we're starting to see that trend go in the other direction. And it's like I've just got my popcorn ready. Sam Wilson (00:07:21) - Right? Which I know what you mean when you say that because we I think we, we understand the pain that brings to families, to the people affected by it. Sam Wilson (00:07:30) - So I don't I don't hear you in any way being like, oh, hey, I wish more people would have the stress on their mortgages. We don't. But at the same time, you play a very vital role in just how this economy functions and, you know, helping, help helping keep things liquid and things moving. So get it both ways. You're getting your popcorn now because it's like, well, this is kind of what we're poised for. Unfortunately, we're you're poised with a downturn and that's what that's where you make your money. So, I mean, that's that's part of it. But I want to find out. So so you said that, you know, the the last decade has been tough to be in the distressed mortgage business. But yet you guys, what was your competitive advantage and how did you underwrite that? I know I'm not supposed to ask more questions at once, but you got all your friends who were like dumping off their their kind of tailings of what they had going, All right, this is no good. Sam Wilson (00:08:16) - That's no good. And you said, wait, there's opportunity here. So what was your competitive advantage there? Bill Bymel (00:08:20) - Very good question. So I wrote a book about this. Obviously, I'm not, obviously. But you know, I mentioned it to you earlier called Win Win Revolution. You know, that I and it's really details the paradigm by which we operate. We put this paradigm into place over a decade ago, and in many ways it revolutionized our industry. I have competitors of mine that tell people, read, you know, that take my book and give it to their new asset managers, because the whole idea is to meet the borrower at their level. You know, I got it. Nobody wanted to. I don't didn't get into this business to become a debt collector. That's not of interest to me. I like real estate. I know how to value real estate. And I know that if a that it's a very safe investment because you're buying a note as long as it's based upon a true value of the real estate, you can't lose money. Bill Bymel (00:09:12) - So it's from my perspective, it was the best risk adjusted return investment. Now, if I buy these mortgages at a discount, I can now share some of that savings with my borrowers. You know, we turn around and in in, you know, instead of calling this borrower up and asking them for a payment, we ask them. They're flabbergasted because they get a call from us saying, how do you see this resolving? What would you like to see happen? The first, if there's an opportunity to modify someone, you know, in the old days, we were giving huge principal reductions because people were underwater and that was phantom money to us too, because we were buying the mortgages at a discount. We were able, like you said, we provide a very vital role because as private equity, we have so many more tools in the toolbox. We take the first 30 to 40% of every pool we buy and and perform. Those people give them modifications If someone has the ability to pay and and the intention of keeping their home, we will do whatever we can to make that happen. Bill Bymel (00:10:18) - And for that middle 50% where maybe they just priced out, their situation has changed, whatever it might be. We want people to exit with dignity. So we'll give people a waiver of their deficiency balances, will help set them up in a new rental property rather than spend money on an attorney to foreclose. I'd rather pass that so that savings back to our borrowers. So that's really how we revolutionized the industry. And that means. We do this through the help of our local real estate broker network and our mortgage brokers and people on the ground who are knocking on doors and letting people know, Hey, we're not Bank of America, you should talk to these guys. And that gives us the competitive advantage that others in the industry can't do. It's just not it's such a big industry. You can't most can't get that granular, right. Sam Wilson (00:11:07) - Most can't get that granular. The I think the one the one key that gives you the margin in these deals to offer that flexibility is buying at a discount. Bill Bymel (00:11:19) - Correct. Sam Wilson (00:11:19) - Like you have to buy and I'm telling you things you already know. But you know, when you're buying at a discount, as you mentioned, for the last decade has been tough. I mean, because people are bidding a lot of these pools up. Am I? And if I'm incorrect. Bill Bymel (00:11:33) - Yeah, yeah. No, no, no, no. So the last four years have been tough. I mean, you know, we had a good run up until about, I would say 16 is when the market, you know, right around the time Goldman did a deal with the with the federal government where a big settlement over the last foreclosure crisis, they made a huge commitment of dollars to buying buying mortgages and part of their settlement with the federal government allowed them to buy defaulted mortgages and modify them and get a credit against their settlement. So they've been the biggest player in the market the last 4 or 5 years. And then there's another woman who's bringing money in from Asia that's been overpaying for stuff. Bill Bymel (00:12:16) - And there was a number of investors that were highly leveraged with very cheap capital up until a year ago that were also forcing the price of NPLs up. That said, they were always still creating at a discount, but you'd see stuff trading at, you know, in the 80s or 90s, not enough of a discount that we could really make our our our mold. So we ended up focusing on on harder to work areas like New York, New Jersey, Florida where there judicial foreclosure states a lot of the large institutional investors stay away from the judicial foreclosure states or will bid those down or just not bid them at all. And that's where we've been able to find opportunity and still find discounts over the last few years that. Sam Wilson (00:13:03) - Yeah, that makes that makes that makes a lot of sense. How do you underwrite that many deals at scale if if you do it at scale? Or is it an individual loan by loan analysis? Bill Bymel (00:13:14) - And if so, no. Yeah, it's a good question. We have we've developed the model for over ten years. Bill Bymel (00:13:18) - It's a very it's a very it's a sophisticated yet simple discount model. So think of it like this. It's done on a loan by loan basis with every but and we get the data that the servicer gives us on any pool and we're able to look up it into our model. And what you're in essence looking for is what am I going to get if I have to take this to a worst case scenario, I have to take this property to foreclosure. How long is it going to take? What's going to be my cost to carry the money? What's the cost to the rehab? Potential rehab, legal expenses, the cost of insurance, property taxes? All of that gets discounted off along with a timeline. And what you're projected yield is over that two year period, let's say, you know, 20, 15% per year. And that's how the model determines what price I should what discount I should be offering on any individual low. And believe it or not, even with that, this model like if you get an old loan that's you know, that's late stage foreclosure, my model might say I can pay 105% of UPB for something like that because if it's been in foreclosure for two years, then you've already got another 10 or 15% in debt that's built up above your principal balance. Bill Bymel (00:14:36) - So, you know, it does work both ways, but most of the time, you know, we're bidding in the 60s or 70s of, of of of value. Sam Wilson (00:14:45) - Do you you you mentioned popcorn earlier. Are you expecting that? Bid percentage to come down in the near future? Yes. Bill Bymel (00:14:54) - 100%. So what's happened is, is I've been able to consistently find deals in a mid-teens yield while the rest of the market is bidding large pools to high single digits yields. And what's happened now as a as in the last year is the adjustment in rates has happened. Everyone's expectations is now shifted into double digits, the regular market. And so we're now looking at deals that are in the 20s, minimum minimum 20% yield and as and it could get better, especially if we did dip our toe into commercial stuff in commercial, we should be modeling in the 30s. I mean, there's a bloodbath on the horizon there. Sam Wilson (00:15:34) - Well, certainly, certainly in the office sector, there's a bloodbath. That's right. That's right. Sam Wilson (00:15:40) - So, yeah, that's very interesting. What what is the I guess there's two questions I have attached to this. What is your disposition strategy once you get the loan performing? Bill Bymel (00:15:50) - Oh, yeah, good question. We do have that's why the secondary mortgage market connections are so important. So we're able to pool a report forming pools minimum about $10 Million. Sometimes you get a buyer at five, but the institutional guys will securitize re performers in with new mortgages as they're building these as these aggregators come back to the market once the rates seem to level off, should you know, then you'll see a lot more of these securitizations come back or institutional buyers are just will just buy it to clip a coupon. So we're able reformers now will traditionally not sell for par but you know they'll sell in the 90s of their principal balance. So if I'm buying in the 60s, I'm taking in six months of payments and I'm selling in the 90s. You do the math. It's actually one of the the best return across the board in our portfolios have been deals that we've modified and resold and it's the win win strategy. Bill Bymel (00:16:56) - So it's like I just love it, you know? Sam Wilson (00:16:58) - Absolutely. Absolutely. So you I guess that's the last question attached to that is the seasoning period, six months, 12. Bill Bymel (00:17:06) - Six months seasoning just to resell a loan and have it three months is it's of payments, considers it a repay forming loan. But most buyers in the market want at least a six month seasoning. Sam Wilson (00:17:19) - Oh, I would think so. I would think so. So you repackage these and you sell these off to aggregators, then? That's right. $10 million at a time. Can you take that on your fund? Is their debt for acquiring debt? Bill Bymel (00:17:34) - Absolutely. Absolutely. So it's very interesting to see how that market has changed. Yeah. Um, those of you who have watched the news recently know the name back West Bank PAC, West Bank owned two lender finance companies where they had their own internal lender finance, and then they had another Capital Solutions out of DC that they had acquired a couple of years ago, five, ten years ago. Bill Bymel (00:18:02) - They were one of the larger players in the debt on debt space. So just as an FYI, now they're out of it now. Thank God I didn't take the line of credit they were offering me last year because it was attractive last year at a four and a half, five and a half rate. But that same but those are their floating rates, right? I would have been sitting on a on a 10% loan. So now the debt, the debt on debt still exists. Credit Suisse is obviously most famous for it. It's interesting to the names that are that were bubbled around as being problematic recently are the guys who are deducted. Right um but those guys and there's a there's a number of them still out there Western alliance was another one that did you know that does lender finance there's you absolutely can do it we do we could do it. We try not to leverage ourselves. We try to stay all equity but we have that option. And where we're at right now is that the leverage on leverage options that are out there. Bill Bymel (00:19:03) - It used to be if I want private equity, I'd have to pay minimum 10% or so and I could get the banks for five, six. Now the banks are not there. So for plus 450 or 500, so it's close to 10% money at the banks as well. So you're you're almost better off doing now the private guys are trying to push into low single, low doubles, but they'll still take 10% probably if you have a relationship. So you're actually better off leveraging through private equity right now. Sam Wilson (00:19:31) - Right. And does that come in as debt or do they come in as equity? Bill Bymel (00:19:35) - All of my equity has come. All my private equity money is coming as equity so far I've got I do have it's funny, my main private equity partner is a big, you know, billion dollar institutional group out of New York. And they pursued me as debt for a year. And we and I just that wasn't the kind of relationship I wanted to have. So I prefer to have all equity, have us all, just have, you know, you know, you know, all of our we're all vested in it together. Sam Wilson (00:20:08) - Pursue and that and shoot man I love the idea of limited to no debt because it just leaves it leaves the toolbox. You leave every tool in the toolbox to really do what you want without constraints. That's great and do what's best for the best for the fun, best for the investors, best on the return profile. It just leaves you much more nimble. Absolutely. Love that. Let's talk here. The last 60s or so that we've got here on the show before we get into how to how to contact you and get in touch with you, let's talk about raising capital. I mean, it's it's something you've got a lot of experience in. What's it been like raising capital for the nonperforming loan space? Bill Bymel (00:20:48) - You know, I'm an asset. I'm an asset manager by trade in a deal guy. So learning to raise capital was going back to school six years ago at my previous firm was the where I had to first do it. It was one of our main capital partners was starting to pull back. Bill Bymel (00:21:04) - And so I had to learn how to go out and brand ourselves, packaged, talk to investors. And it has been very educational and and wonderful and yet not easy. You know, the persistence is the key, especially with large dollars. I've got a guy that a gentleman, for instance, right now, multi multimillionaire, I have been pursuing for five years. And he's about to write his first million dollar check this week. And it's persistence. It is, you know, being, you know, the strategy, you know, perfecting our pitch for our strategy has been fine. You know, I think everybody who gets real estate with a little bit of nuance or a little bit of sophistication likes the uniqueness of our strategy and sees the soundness of it. But, you know, raising capital is a whole different it's a whole different career. And, you know, I may look back on this and say, you know, it was worth it because of the money. And I may just say, you know, I like doing deals and I'm going back to just doing deals. Bill Bymel (00:22:10) - We'll see. Right. Sam Wilson (00:22:10) - Right. But I think the one interesting thing in all of that, despite the challenges raising capital, the temptation to have your billion dollar fund or $1 billion PE firm that says, hey, we want to come in as debt, I mean, that's low hanging fruit for the guy out there raising capital. And yet you had the patience and. In the discipline to say no. Yeah, not the way we're doing business. So I think that's really, really cool. An awesome, awesome part of your story there to point out. Bill, if our listeners want to get in touch with you, learn more about you and or get a copy of your book Win Win Revolution, what is the best way to do that? Bill Bymel (00:22:45) - My personal website is bill by bill bml.com. Sam Wilson (00:22:53) - Fantastic build by Malcolm and make sure we put that there in the show notes. Bill, thank you again for your time today. Certainly appreciate it. Bill Bymel (00:23:00) - Great to be with Sam. Sam Wilson (00:23:01) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. Sam Wilson (00:23:05) - If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.

The Rise of NPLs in the Middle East

Debtwired!

Play Episode Listen Later Jul 18, 2023 16:06

Debtwire's Alex Dooler sits down with Ahmad Alanani, co-founder and CEO of Sancta Capital, to discuss the rise of non-performing loans (NPLs) in the Middle East.Following a landmark USD 1.1bn NPL transaction from ADCB earlier in the year, investors have been paying close attention to the emerging asset class. Despite the headlines, the market for NPLs still has some way to go and is bound by a host of factors that are discussed in this episode.#NPLs #emergingmarkets #distresseddebt

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Global ABS 2023

European Securitisation Insights

Play Episode Listen Later Jun 14, 2023 21:10

In this episode of DBRS Morningstar's “European Securitisation Insights” podcast, host Mudasar Chaudhry, Head of European Structured Finance Research, collates the thoughts of the following four DBRS Morningstar analysts featured at this year's 2023 Global ABS conference in Barcelona:- Christian Aufsatz, Head of European Structured Finance, moderated the Day 2 Institutional Investor's Roundtable;- Sinem Erol-Aziz, Vice President of European NPLs, spoke on the Day 1 Greek & Cypriot Securitisation & NPL Management panel;- Rehanna Sameja, Senior Vice President of European RMBS, spoke on the Day 2 European Residential MBS panel; and- Mudasar Chaudhry, Head of European Structured Finance Research, moderated the ABS Reseachers' RoundtableRelated Content:Commentary: Greece and Cyprus—Two Different NPL Journeys: https://www.dbrsmorningstar.com/research/415579/greece-and-cyprustwo-different-npl-journeys By downloading or listening to this podcast, you are agreeing to the DBRS Morningstar disclaimer and legal terms and conditions found at dbrsmorningstar.com/about/disclaimer and dbrsmorningstar.com/about/termsandconditions, including that the information provided is not investment, financial or other advice. DBRS Morningstar will not be liable for losses arising from your use of the information. Please note that the content of this podcast is intended for European audiences only.

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The Benchmark – Episode 1: The Pivot

Euromoney Podcasts

Play Episode Listen Later Feb 3, 2023 33:53

The Benchmark is a new podcast from the editorial team at Euromoney. In this episode we discuss the pivot trade, busy capital markets, China and NPLs in Asia. We also go behind the scenes on research for our recent feature on DeFi and FTX and speak to Agnes Gourc, head of sustainable capital markets at BNP Paribas, about the outlook for green bonds in 2023.

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RN330 | SM บมจ.สตาร์ มันนี่ ผู้นำธุรกิจสินเชื่อภาคตะวันออก

ถามอีก กับอิก Tam-Eig

Play Episode Listen Later Dec 15, 2022 73:22

ถามอีก กับคุณชูศักดิ์ วิวัฒน์วงศ์เกษม กรรมการผู้จัดการ บมจ. สตาร์ มันนี่ (SM) คุยอะไรกันบ้าง? - ภาพรวมธุรกิจ / ผลิตภัณฑ์ - ช่องทางการจัดจำหน่ายสินค้า /โครงสร้างรายได้ - จุดเด่น - การเติบโตผลประกอบการ / กลยุทธ์ช่วงโควิด - มีการบริหารจัดการปัญหา NPLs อย่างไร ทำไมทำได้ดีกว่าคู่แข่ง? - ทำไมเน้นปล่อยสินเชื่อแบบมีหลักประกัน? - Broker ประกันภัย เสริมธุรกิจมุมไหน ? - วัตถุประสงค์การระดมทุน - กลยุทธ์การเติบโต / เป้าหมายด้านรายได้ - การแข่งขันในอุตสาหกรรม - กลุ่มลูกค้า - ความได้เปรียบของการเป็น Dealer รายใหญ่ - ขยายพอร์ตการเติบโตสินเชื่อเช่าซื้อ - โอกาสเติบโต / ความเสี่ยง - ทิ้งท้าย

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Race to Recovery – Overview of NPLs in the European markets

Legal updates | Simmons & Simmons

Play Episode Listen Later Dec 1, 2022 31:39

race european recovery markets npls

INVX Morning Call 8/11/2565

How to Scale Commercial Real Estate

Play Episode Listen Later Nov 8, 2022 6:32

INVX 8/11/2565 : Thai Cabinet meeting today no Hemp agenda/Gulf +THCOM deal positive/Cut target price of RJH IIG BAM : Research : BAM Neutral /cut target price to Bt 18 from Bt 21,lower NPLs and GPM vs Prefer MTC -1sd valuation : IIG cut target price to Bt 47 from Bt 53, base on 34x PE from higher extra expense Bt 3.5 mil.> expected Bt 1 mil. : RJH Neutral tp Bt 35 from Bt 41 with softer Covid19 revenues in FY'66 : GULF Outperform tp Bt 63, fair THCOM price deal with 41.13% @ Bt 9.92 to complete deal in 1Q'23. Expected Analyst meeting this afternoon : GS expected China Reopening period in 2Q'65

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Note Investing and Business Success

Play Episode Listen Later Aug 7, 2022 21:59

What does it take to have long-lasting success? Today, we welcome Dave Van Horn to share important lessons he learned during the course of his 30+ year career. He started out as an agent and has been involved in residential and commercial real estate as a licensed Pennsylvania realtor, investor, title company partner, and commercial fundraiser. Networking is key for those looking to start or scale a commercial real estate business as well as being comfortable in going after bigger deals. He also gives emphasis on being trustworthy and authentic in building meaningful relationships with colleagues and clients. Serving as the President and CEO of PPR Note Co., Dave talks about what we need to know about non-performing loans and offers his perspective on the constantly changing market. [00:01 - 04:25] 30+ Years of Expertise Dave discusses his vast experience in real estate Creating a real estate networking event helped him raise capital for CRE and notes Starting PPR Note Co. and focusing on commercial real estate and non-performing loans [04:26 - 09:21] What We Need to Know about Non-Performing Loans What strategies they're using in dealing with NPLs Dave sees risks in the nonperforming loan space and is always looking for ways to mitigate them Downturns are usually beneficial They consider unemployment as the biggest economic indicator We can make money in any market; what matters are our exit strategies Dave talks about his team and having almost $600 million AUM [09:22 - 20:58] Lessons Throughout His Career Using leverage sooner to accelerate the business Focus on one goal and avoid shiny object syndrome The ultimate end goal is generating passive cash flow to reach financial freedom Be trustworthy and kind in order to build credibility Learn from the experiences of others through shadowing or mentorship Real estate is a team sport Capitalize on other people's strengths [20:59 - 21:58] Closing Segment Dave's final advice: Don't be afraid to go big and invest in commercial real estate. Reach out to Dave! Links Below Final Words Tweetable Quotes “There's one goal in life and that is to get as much passive income as quickly as possible.” - Dave Van Horn “It's about being authentic and being yourself and being real, being kind, and being human.” - Dave Van Horn “Success leaves clues. You can learn a lot from people that are really successful at doing it.” - Dave Van Horn ----------------------------------------------------------------------------- Connect with Dave through the PPR Note Co. website, and find him on BiggerPockets and LinkedIn. Resource Mentioned: The ONE Thing by Gary Keller and Jay Papasan Connect with me: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook LinkedIn Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:00] Dave Van Horn: And I just think it's being authentic and being yourself and being real and, and being kind and being human and all these things that people talk about today. But it's, it's quite simple, really, it's are you a trustworthy person? Do you go above and beyond even when the chips are down? I mean, I've had deals that went south, but I did every, you know, I did everything under the sun to try to save those deals or hire attorneys at my own expense and try to, you know, do everything I can. And I think people know that. [00:00:41] Sam Wilson: Since 2007, Dave Vanhorn has served as president and CEO of PPR Note Co. It's a holding company that manages several real estate and mortgage investment funds. Dave, welcome to the show. [00:00:52] Dave Van Horn: Hey, how you doing Sam? [00:00:53] Sam Wilson: I'm great, sir. And yourself? [00:00:55] Dave Van Horn: I never had a bad day. [00:00:57] Sam Wilson: Wow. That's awesome. I love the positivity there, man. I don't hear that very often. I need, I need more of you in my life. I've never had a bad day. Tell me this, Dave, there are three questions. I ask every guest who comes to the show: in 90 seconds or less, can you tell me where did you start? Where are you now? And how did you get there? [00:01:13] Dave Van Horn: Where did I start? Well, I'm in Philadelphia. I've been here my whole life. So I guess I started and ended here. I started as an agent back in '86, '87 was I first, licensed. And then I bought my first rental property, which was a duplex that I built some commercial garages on. And I bought that in 1989. So that's where I started. And then I had gotten up to about 40, I had about 40 rentals. I was also, years ago, I've been investing like 35 years. So a lot of things happened in 35 years, but I was I had been a contractor, so I was a contractor for 22 years. So I was a realtor, a property manager. I owned a title company, you know, a lot of different things I did over the years, but I had accumulated quite a few properties. And then I managed a lot of properties for other investors as well. And that's pretty much it, but, you know, I just kept scaling that and then eventually got into raising capital and was started out raising capital for commercial real estate, and then started raising capital for notes. That's how I met my partner. I used to run a real estate event, pre-meet up, pre-all the technology you see today. It was really simple. We sat down, had a meal, got to know each other. That was, and you could bring your deals. That was how simple the meeting was. But the meeting actually grew from 12 people out of lunch. Over a six-year period, ended up being in five states, six cities from Baltimore to New York. And we had 8,000 people in our database. So it grew quite rapidly, this little, have a meal and talk about real estate thing. So that's kind of how that network actually became in a way my bank, you know, how I raised capital for other folks' deals, how I raised capital for myself and even PPR today, if you think about it, we're the, you know, we're kind of our own bank, so to speak with our private equity, right? [00:03:00] Sam Wilson: Tell me about what does PPR do today for the listeners that may not already be familiar with you? [00:03:07] Dave Van Horn: Well, we started out doing, believe it or not, we started out doing delinquent second mortgages, and we started as investors. So it was somewhat of an accidental business. In fact, we used to have a short sale company and that was the main business and that went out of business and the note company took off. So who knows, right? And then we went from junior liens, as we kept raising more and more capital and growing, we went into first mortgages and then, you know, have morphed into commercial notes as well. And now back into commercial real estate again, so the company's grown and diversified quite a bit, although we're relatively new to commercial real estate recently, I guess the last year and a half, two years, you know, we first started getting into short term business loans, commercial loans, construction loans, bridge loans. We actually aggregate those up. We buy them. We have an affiliate that does hard money lending and has an REO platform online that sells REO properties. And then we, you know, we also finance that stuff as well. So that's just some of the things we do. And a lot of that we do to regulate capital, but still, the majority of our business is in the non-performing loans space. We do like the commercial real estate though, because it gives us tax advantages, depreciation, things to offset the carried interest from our bulk of the business, in the loan side of the, of our company, you know. [00:04:26] Sam Wilson: You said the bulk of your business is nonperforming loans? [00:04:30] Dave Van Horn: Yes. I think last year we did about 325 million nonperforming loans. [00:04:34] Sam Wilson: And what's your strategy there? Get them to be reperforming loans and then sell those off or just reperforming and then hold them? [00:04:41] Dave Van Horn: Well there's a couple of strategies, but no, you know, we have a JV partner, we acquire a lot of assets. They have a trade desk in New York, so we can access their desk and acquire assets. It's kind of like dollar cost averaging as you purchase. So it's kind of like this, we hurry up and purchase assets and aggregate them over time and get them, you know, reperforming in a lot of cases, and then we do go to securitization. So it's a kind of a race to securitization, so to speak. And that usually takes like 15 to 18 months. And then once we securitize, which is another way of saying refinancing a pool of mortgages down to a lower rate, we kind of derisk our portfolio by doing that. Then we're often running to, you know, wind down that fund. It takes about, I guess 33 to 36 months is the typical timeframe there. And then you can turn around and you do it again. You know, you go out and you aggregate more assets. And we use a combination of our private equity with some institutional capital. That lowers our cost of capital by, you know, marrying the two together. [00:05:40] Sam Wilson: Right. Yeah, absolutely, absolutely. Do you see any risks or, I guess, any stormy weather on the horizon in the non-performing loan space? [00:05:49] Dave Van Horn: Oh, absolutely. So I'll give you an example. In the first quarter of this year, we didn't purchase any NPLs, but although last week we just purchased 73 million. So but that was intentional because of the market fluctuations and waiting for some things to settle down. But what we're seeing now is some things are loosening out right now. And you got to realize the last, gosh, 5 or 10 years almost, it's been an upmarket, so right. No prices are in direct correlation to real estate values. So the margins were actually thin. And then we tend to take off the most when it's a down market. So it's funny, some people are like, well, what happens if there's a recession? Normally that's beneficial for us because that increases, you know, the foreclosures, things like that. But usually the biggest economic indicator for us is unemployment. The thing that's strange right now where, you know, we may see what we call a technical review session, where you have two-quarters of negative GDP. Meanwhile, unemployment's still low, you know, so it's, never happened before. So that's what's different. Now if unemployment was high, yeah, we would probably be high five in a little bit and go in this, you know, not that we wish bad luck on anybody, but it's just the nature of that business. What'll happen in a down market is assets, just get, you know, cheaper pricing, wider margins. That's really what it means. We can make money in any market. What happens is your exits shift. You know, the way you exit your deals, the way you work your deals. Perfect example of that is deed in lieu. Usually, these are one to four family residential properties nationwide, right? So a deed in lieu is a good technique for an exit in an up market. It's not a good technique in a down market, right, does that make sense? Yeah. Cause you wouldn't have enough equity to, take the deed in lieu, right? So you could see how exits shift. That's just an easy example of that. And then when pricing shifts or the loan of value and, and the equity that's back in these assets shift the way you do your workout agreements, or, you know, what do you call it, loan modifications. They could vary, you know, so you just make adjustments, just like anything else in real estate, right? And, you know, you can make money in all markets. It's just you have to shift your strategy, right? [00:07:59] Sam Wilson: Yeah, absolutely, absolutely. I would imagine a lot of people, processes, procedures, you know, building the team around handling nonperforming loans has, has probably been a work of art. Can you talk about that a little bit? [00:08:13] Dave Van Horn: Yeah, it's funny you say that 'cause for many years we were asset managers. We used to do a lot of that in-house and there is a lot of compliance, but today we outsource a lot of that. So we're primarily capital allocators, more so than asset managers. And our JV partners on the West Coast actually have, you know, they have under a hundred people, but you're right. If we did all that in-house, at some point we would be a large firm like that. Whereas today, we're at like 27 people and we have considerable AUM, where like, we're just under hair, under 600 million under management. Now we recycle a lot of our money though. So it's a little different than if I said I was in multifamily and I had, you know, a billion dollars worth of property, usually that's with leverage or, but in our case, a lot of that private equity keeps moving and keeps turning. So it's a, it's a little bit different than that, where it's, you know, I bought an asset and parked the money, you know? [00:09:05] Sam Wilson: Right, right. Completely understand. As you rewind your 30, what'd you say? 35-year real estate... [00:09:12] Dave Van Horn: And growing, yeah. [00:09:13] Sam Wilson: 35? [00:09:14] Dave Van Horn: 30 something. I can't count that far back. [00:09:18] Sam Wilson: Says the numbers guy in real estate. I can't count that far back. Tell me this, Dave, what's one mistake that you can look back on that you said, man, I wish I hadn't done that, that you could help our listeners avoid? [00:09:30] Dave Van Horn: Wish I hadn't done that. Well, a lot of it is knowing who you're doing business with is definitely one 'cause we've had all had scenarios that didn't work out or lost money or whatever, bad partner. But I think really, I think the opportunity thing would be about leverage, about utilizing leverage sooner. And you know, even in, you know, I have a lot of coaches and mentors and, and that's one of the things that's a common theme with some of the coaches and mentors I've had where they'll ask the same question, which is what's the one thing that you could leverage that'll catapult you or your business in the next six to 12 months, you know, and that's an interesting question that I paid a lot of money to have asked of me. But it was good money, but the question sometimes would stay the same, and you go back with my coach six months later and he is asking me the same question, but things change, right? I could leverage technology. I could leverage people. I could leverage a lot of things, a JV partner. I could leverage capital. And that number one thing will shift for people based on where they're at with their business or their personal life. Oh, your personal life could be something else. What's the one thing, it's almost like the book, The One Thing, what's the one thing that I can do such that you know, everything else becomes easier or unnecessary that, you know, who's it, Gary Keller, right? So, you know, it's a great point. Great book. The other thing is, what's the one thing, what's the one goal, and by that, I mean, you know, I was a very ADHD type guy where I had shiny object syndrome, like a lot of real estate investors and control freak, and you know, all those things. But a friend of mine used to say this, you know, there's one goal in life and that is to get as much passive income as quickly as possible, by retirement age at the latest, and to have much, as much tax-deferred or tax-free as you can. It's an interesting goal, right? it doesn't really reflect your passion or what you're good at, but it does kind of sum it all up in a way because that's where we're all trying to get to with, you know, financial freedom or whatever that is, to get freedom of time, to get freedom to be able to go where you want when you want with who you want 'cause ultimately that's probably the bigger success. Now that could be different things for different people, but you get the idea. [00:11:50] Sam Wilson: Gotcha. So if I hear you correctly, are you saying that maybe earlier on you would've defined, I guess the one thing that you said, Hey, if I paid more attention earlier on to this, this is what will move my business forward. And then also the other thing I'm hearing is that, Hey, earlier on I would've said, look, I'm going to really hyper-focus on creating as much passive income as I can. Does that sound about right? [00:12:09] Dave Van Horn: Yes. And not 21 things, right? That's why, and then the other thing is, like, being willing to have utilized more leverage sooner. Like, I'll give you an example of that was I used to sell 75, 80 homes a year when I was a RE/MAX agent to fellow real estate investors. [00:12:26] Sam Wilson: Right. [00:12:27] Dave Van Horn: And looking back, I go, well, that was dumb. I had the capital. I had the hard money lenders. I was like reluctant to use hard money ' cause I thought it was too expensive. In reality, what did it cost me to give away 75, 80 deals? I was focused on the wrong thing. I'm focused on commission. I'm not focused on increasing building wealth or cash flow. Like, I was focused on commission. Think about that. That's ridiculous almost. And most people can't find 75, 80 deals. I'm selling 'em to other people and I'm going, why? I'm not thinking about I could have bought all of 'em. I should have been buying 75, 80 houses a year myself. That's a perfect example of me, like, can't see the forest from the trees kind of thing. It was all right in front of me. I had all the resources 'cause we don't, what's that saying? What Tony Robbins used say, we don't lack resources, we lack, you know... [00:13:20] Sam Wilson: Creativity. [00:13:21] Dave Van Horn: Yeah, it was all right there in front of me. And, you know, sometimes we just don't see that, you know. [00:13:28] Sam Wilson: It's funny you say that. I'm not quite to the same extent as painful of a lesson, but I go back to when I started in real estate in all the houses I flipped. I mean, dozens and dozens and dozens. It's like, why did I not just hold those again? Like, here I am 10 years later, I'm like, I'm an idiot. I should have just bought 'em and held 'em I was buying 'em right. Same idea. Same exact idea. Yeah, that's great. Thank you for sharing that. I certainly appreciate that. Tell me this. You know, what's one thing you feel like you've done really well? Something when you said, man, this has been a key to success that I feel like other people should be implementing. [00:14:00] Dave Van Horn: For me, you know, I was always a sales guy, and it was, you know, my unique ability is the ability to raise a lot of capital, a lot of equity very quickly, you know. Like, I've had cases where I raised 30 million in a month, you know, which is significant, right? And a lot of people can't really do that. But a lot of that, where that comes from, I think is probably from trust over a long period of time. So you're able to, you know, be able to connect with people, you know, you're authentic. It's just like having a, a large network, but it's more than having a large network, right? 'Cause you could buy a network, but if you have an organic network. And the other thing is like, the more you give, the more you get, for sure. And I just think it's being authentic and being yourself and being real, and, and being kind and being human,and all these things that people talk about today. But it's, it's quite simple, really, it's, are you a trustworthy person? Do you go above and beyond even when the chips are down? I mean, I've had deals that went south. But I did every, you know, I did everything under the sun to try to save those deals or hire attorneys at my own expense and try to, you know, do everything I can. And I think people know that. They know that I'm going to treat their capital like it's my own, or I'm going to go above and beyond to make sure everything's above board and can have a favorable outcome. Now things can happen. But I think a lot of it's how you handle it and how you communicate and things like that. [00:15:29] Sam Wilson: Excellent. Excellent. Appreciate that. Tell me this. When you look to the future and you say, Hey, in five years, this is where I want my companies to be, this is where I want to be. What does that look like? [00:15:40] Dave Van Horn: Well, I, I might be retired in five years. Now, retirement's a funny word. I don't see me stopping like in the traditional sense, let's leave it that. But now, I think my company, well, we already know. We already have a 10-year vision and things like that. In five years, we'll be at about 3 billion under management. We'll probably be at around a billion in private equity. And then hopefully we can build a lot of good as well along the way. So, you know, we do a lot of things to try to impact the community, whether it's affordable housing type things and, other programs that we're working on. So, hopefully, we will be able to give back more and, take care of our, all the stakeholders, our staff, our investors, and help others build wealth, really. It's that whole share, build, and preserve wealth concept. [00:16:26] Sam Wilson: Right. No, I like that. I like that. Dave, here's a question for you. When it comes to scaling or starting out or somebody that's saying, Hey, look, you know, in the name of the show is How to Scale Commercial Real Estate. So the idea, you know, is that somebody's going, I really want to grow into commercial assets. What's one piece of advice you would give to somebody if they said, Hey, I'm ready to go large. How do I do it? And they came to you. What would you say? [00:16:48] Dave Van Horn: Well, for one is you got to learn what you're doing to a point. So one of the things I did was I shadowed other people doing it. So when I first started raising capital, I actually went to work for a company in New Jersey and they hired me to help raise capital. But I learned a lot from them about not only raising capital, but commercial real estate, 'cause that was what the money was being used for. So you don't necessarily have to do everything yourself. You can shadow or mentor with someone who's already doing it, which makes a lot more sense than trying to go out and be the trailblazer or the first person with arrows in your back, so to speak. Success leaves clues. You can learn a lot from people that are really successful at doing it. And if it's an area that you're not familiar with build a team that is. I know the one outfit that I worked for, they were doing mobile home parks and they had never done 'em before. And they were doing storage as well. But they brought a crackerjack team together. You know, they had people on their board. I mean, the one guy was a, a mobile home developer for the last 35 years, you know, that, kind of thing. Same way with their attorney and their accountant were well versed in these areas, right? So they brought in experts. They also had a management company that was, you know, around forever. They also had a commercial broker who just specialized in mobile home parks in the Midwest. You know, it was like, they didn't just go, oh, well, we don't know what we're doing and we're going to wing it, you know? It was, yeah, it was a lot more than that. They went out and built a team that did, even though they didn't necessarily have all the skills, but most of these are commercial real estate especially, it's a team sport. You're not going to be good at everything anyway. And if you think you are, that's another problem, I think. We all like to think we're great at everything, but I know I'm not, right? I know I'm not an excellent underwriter. Does that mean I don't know anything about commercial real estate? No, I absolutely do. But there's people that like to sit in Excel all day and play around. That's not me, right? But it, that guy that's playing with Excel probably can't raise the capital either. It's a team sport just like property management, that's its own thing, right? Just like construction management, that's its own thing. 'Cause, you know, I've built a lot of stuff. And when I was a contractor, a lot of our customers had four to 600 units and we used to do the monthly turnovers, right, so I do have a strong sense of what that takes to turn over X number of units each month and things like that. So they're all different skill sets. They're all different things. And it is a team sport. It's just figure out what you're good at and bringing the folks that are good at the other parts. You know, some people are great at operations, right? Some people are great at managing people. Just because, you know, not all leaders are managers, right? [00:19:23] Sam Wilson: Yeah, like you said, you know, build the team around, you find the people that are really good at, you know, what it is that you're not, and build them around you. Yeah, that's critical. You mentioned a lot of things I'm not good at, underwriting, man. That's a tough one. I don't know, like, I'm just not great at it. So that's really, really cool. Dave, I thank you for coming on the show today. Is there any last piece of advice you'd like to share here with the listeners before we sign off? [00:19:45] Dave Van Horn: Piece of advice? Don't be afraid to get started. But I think a lot of it has to do with your, you know, it's always the same things. It's the sources of deals. It's the capital. It's the people, right? So it's networking. I think all those things help put the elements together and don't be afraid to do it. I mean, commercial is just bigger numbers, right? You know, I'm very comfortable doing commercial deals. It doesn't even phase me. I know a lot of people get nervous at that, but I think there's actually some advantages to it. The larger the loans get. You know, I was telling some of the people on my team that were newer, they were a little rambunctious about, you know, Hey, we're getting into commercial, it's bigger deals. But I go, Hey, guys, there's a professional appraisal done. There's a bank that's doing a lot more due diligence than us on this asset 'cause they wouldn't want to do that loan otherwise, right? So there's, there's other parties that can help out in some of these areas that give you a better comfort level. So that, you know, we don't have to be, like you said, experts in everything. There's other people that are coming along for the ride with us, whether it's our real estate broker, our lender, our, you know, title company, all these different things. They're there. If it was that crazy, they wouldn't do the loan, right? To a point, right? [00:20:59] Sam Wilson: That's awesome. Thank you, Dave, for sharing, certainly appreciate coming on the podcast today. It was an honor and privilege to have you on here. If our listeners want to get in touch with you or your PPR Note Co., what is the best way to do that? [00:21:10] Dave Van Horn: Probably the best way is pprnoteco.com. You could definitely sign up. We have all kinds of resources on there and definitely reach out to me. I'm also on BiggerPockets and LinkedIn. I have a distressed mortgage group on LinkedIn. You can seek me out there. On BiggerPockets, we answer a lot of questions in the forum. So anytime somebody has something, we're glad to help out, you know? [00:21:29] Sam Wilson: Awesome. Dave, thank you so much. Certainly appreciate it. [00:21:32] Dave Van Horn: My pleasure.

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Mkt rally, NPLs, PTTGC, Refinery

Panpong_ball

Play Episode Listen Later Jul 20, 2022 7:58

Good morning krub

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REAL TidBits Series: Mortgages

The Real Estate Lowdown

Play Episode Listen Later Jul 13, 2022 34:36

In this episode of The Real Estate Lowdown podcast, Host Bill introduces the REAL TidBits Series which is a group of short informative talks on a specific slice of the real estate market.The REAL TidBit series will offer the ability for the audience to educate themselves on the vast real estate business.Who owns your mortgage? It's not a common question, but it has an interesting answer. In this TidBit, Bill Bymel explains what a mortgage is, how mortgage notes or deeds of trust originate, and then why they are sold to investors in the secondary mortgage market. The secondary mortgage market is an old boys network of banks and large investment institutions where mortgages are sold. Why it's important is that the secondary mortgage market is where banks and loan originators go to get more cash to make new loans.NPL stands for Non-Performing Loan. These are mortgage loans in default. Bill discusses NPLs and how their existence can not only be a bellwether for the economy but also the purchase of NPLs at a discount can provide great opportunity in acquiring real estate.To learn more, visit:https://billbymel.com/Listen to more episodes on Mission Matters:https://missionmatters.com/author/bill-bymel/

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SCBS Morning Call 19/4/2565

head master 3d private homes developers nyu approximately 3d printing commercial real estate industry leaders real estate industry real estate development smart buildings property technology npls

Play Episode Listen Later Apr 19, 2022 6:59

SCBS 19 April Share listing BTS 3,132,722 shs. from BTS-W6/7/8, SINGER 5,721,262 shs.from SINGER-W2/JUTHA and JCK XD 19 April : AUCT Bt 0.28, JMART Bt 1.06, JMT Bt 0.42, NER Bt 0.36, PCSGH Bt 0.15. STA Bt 0.10.STGT Bt 0.65.TCAP Bt 1.80 / Tomorrow Wed. 20 April XD HMPRO Bt 0.20/KTB Bt 0.418 1Q'65 Earnings results announcement : Expected KKP Outperform Bt 75, expected Bt 1,708 mil. -15.6% qoq/+16.8% yoy SET Ticker SCB to change during 19-26 April 2565 to SCBB and back to SCB on tentative 27 or 28 April 2565 with no ceiling /no floor TISCO reported 1Q22 net profit of Bt1.8bn (flat QoQ, +2% YoY), in line, better asset quality and 7.8% DY'2566 to upgrade Earnings by 5% and TISCO Neutral target price from Bt 98 to Bt 102 The result reflected an improvement in asset quality (lower NPLs, easing credit cost and higher LLR coverage), stagnant loans QoQ, falling NIM QoQ, lower non-NII and higher cost to income ratio. SCB: 1Q22 Analyst Meeting Invitation on Thursday, 21 April 2022 at 4:00 - 6:00 p.m. (Bangkok Time) via Microsoft Teams Conference/Financial Statements will be announced on Thursday, 21 April, 2022 during 12.30-13.30 DTAC: change in Q1 2022 conference schedule / DTAC First Quarter 2022 Results 17:30 Friday, April 22, 2022 GULF CEO Meeting and Investment in Binance US information on Tuesday 19 April 2565 at 14.00-15.00 : MS Team

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3D Printing Homes By A Private Developer

PropTech Today

Play Episode Listen Later Apr 15, 2022 22:19

Have you ever heard about 3D-printed houses? Our today's guest, Charles Weinraub, will share with us how this is revolutionizing the housing industry, and what minds are behind this technology. Charles is a dynamic investor and personality who has flipped over 400 houses in the last five years. He earned a Master's in Real Estate Development at NYU and has expanded his investment operation into Commercial Real Estate and NPLs. Charles is also a part-owner and board member of SQ4D, a company that is now 3D printing houses out of concrete. Charles shares his knowledge with the real estate community through his podcast and daily social media posts. Let's jump into 3D printing homes by a private developer! [00:01 – 06:15] Opening Segment Charles talks about his background and work His working experience with 3D printing How he ended up doing commercial deals What you have to do to get the lot ready for 3D printing [06:16 – 19:20] 3D Printing Homes By A Private Developer How the finishing treatments of the interior-exterior are for 3D printed houses Everything depends on your budget and your taste What can happen in places where temperature and environmental conditions are rough The amount of time you will spend extruding the cement Approximately 40 print hours Charles explains how a finished house will sell in the marketplace How the inspection would be done for that type of construction methodology The scrutiny depends on the building department [19:21 –22:19] Closing Segment Want to connect with Charles Weinraub? You can find him on Youtube and Instagram. Make sure to listen to The Smells Like Cat Pee Podcast. Head to SQ4D, the world's largest permitted 3D printed home as of January 2020! Let's Connect! You can connect with me, Jeff Hoch on LinkedIn to look into Smart Building and Smart Apartment Technologies. LEAVE A REVIEW + help someone who wants to know more about Industry Leaders in the Property Technology and Real Estate Industry. Your ratings and reviews help get the podcast in front of new listeners. Tweetable Quotes: “In the future, you're gonna see 100,000 square foot industrial buildings, two printers running at the same time. And just last thing, a straight wall. That's really where the economies of scale come in and you save a lot of money and get a better product.” - Charles Weinraub “The cool thing about a 3d printed house is that whatever you can dream up you can get it.” - Charles Weinraub

Kenyan Banks have bounced back with huge profits.

Good Morning Africa

Play Episode Listen Later Mar 29, 2022 10:13

In this episode we are looking at an in-depth look at the profit margins posted by the Kenyan Banks amidst high NPLs and Zimbabwe's inflation rate increased to 72.7%

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Kenya's non performing loans challenge, what kind of effect will the President's directive have?

Good Morning Africa

Play Episode Listen Later Nov 1, 2021 8:00

Is Kenya's Banking industry at risk of rising NPLs?Many economists argue that the recent directive by the Kenyan Presidents that cushions borrowers from CRB could be a decisive factor.

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Investing in Real Estate with Adam Luysterborghs of Avant Capital

The Yield

Play Episode Listen Later Jul 7, 2021 37:22

Real estate continues to offer attractive ROIs for investors, but where might some of the better-performing investors be focusing their attention in today's real estate market? In this episode, Mitch Rosen, Senior Director of Real Estate at Yieldstreet and Adam Luysterborghs, Managing Partner at Avant Capital join up for a conversation about investing in real estate. Mitch and Adam discuss NYC versus pro-growth America real estate, supply disruptions and transitory inflation, and the non-performing loan market.Click here to subscribe and listen: https://podcasts.apple.com/us/podcast/the-yield/id1527659260Key Takeaways:[1:48] Where might some of the better-performing investors be focusing their attention in today's market?[7:22] A changing approach to diversified investments within NYC.[9:45] Potentially profitable avenues to deploy real estate investment capital beyond NYC.[14:03] The impact of supply disruptions and transitory inflation on commercial real estate.[18:57] Are investors changing their approach to deploying capital based on these factors?[20:33] Changes that will have to happen in CRE to adjust to the new hybrid work model.[22:10] Developing real estate with increased labor and material costs.[26:16] Investments possibilities with CRE short-term and long-term leases.[29:00] Adaptive reuse of office space and CRE in the wake of the pandemic.[30:38] Emerging trends and successful transactions in NPLs.[34:10] The value and risk of investing in hotels.Mentioned in This Episode:YieldstreetReal Estate Investment

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Non-performing loans – relevance in the current investing environment

The Alpha Horizon

Play Episode Listen Later Jul 2, 2021 8:09

What is an NPL? Why are banks selling them at the moment? What are the opportunities, timeline, liquidity and the risks of buying NPLs? What have been the biggest lessons learned since Algebris began and how can you capitalise on them? In this podcast, Simon Peters, Investment Strategist, and Douglas Branson, Head of Business Development, discuss the investment opportunities in distressed debt in the Italian real estate market.

Greek banks and the new landscape for bad debt in the post-Covid era

The Greek Current

Play Episode Listen Later Jun 25, 2021 14:08

During the peak of the financial crisis, Greek banks were weighed down by over 100 billion euros of non-performing loans. Since then, a new set of tools has emerged to help manage this bad debt, and a large amount has been transferred from the banks to other entities. While this has improved the overall outlook for Greece's banks, the problem of bad debt remains. In her latest report for MacroPolis, expert Georgia Nakou discusses the latest developments with regard to dealing with these NPLs, and warns that the management of bad residential loans - which also has a political and social dimension - is about to re-emerge as a contentious issue now that measures put into place during the pandemic are set to expire. Georgia Nakou, who joins us today, is a political and financial analyst for MacroPolis, which is an independent analysis service providing daily insight and analysis of the key political, economic and social developments in Greece.Read Georgia Nakou's article in MacroPolis: Post-Covid era dawns on new landscape for bad debt in GreeceYou can read the articles we discuss on our podcast here: Greece finally starts work on €8bn Athens ‘riviera'Lamda acquires rights over former Athens airport siteEU greenlights major funding plan for refugees in Turkey

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S4 Episode 9: Why You May want to Purchase a Newly Built Property, with Anita Jones | How to Get into Non-Performing Mortgage Loans, with Mike Rus

Money, Real Estate & More

Play Episode Listen Later May 27, 2021 38:19

This week's episode is packed with a great variety of information! After Saeed covers the market data for Bellflower, Compton, and Lakewood, he is joined by co-host Anita Jones to discuss what goes into the decision of buying a newly built property. In the current, historically active real estate market, purchasing a new property may be the right decision for you. The next segment features Mike Rus, a show contributor and expert on non-performing mortgage loans. He and Saeed discuss their experience on NPLs, and Mike shares stories on his first investment in the space, as well as strategies on how you could get started earning passive income as well.

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S03E04: Dino Setiawan, CEO of AwanTunai on revisiting a year of resilience and lending as the key to supply chain digitalization in Indonesia

On Call with Insignia Ventures with Yinglan Tan and Paulo Joquino

Play Episode Listen Later Apr 28, 2021 23:55

We're back with a returning guest, one of our very first, whom we had the pleasure of calling a little more than a year ago, the CEO and co-founder of Indonesian supply chain financing startup AwanTunai, Dino Setiawan. A year ago, AwanTunai was in the midst of dealing with the initial onset of COVID-19 and Indonesia, despite the difficulties of operating in the lending and financing industry, which was hit with high NPLs, Dino and his team managed to adapt quickly to the situation and turn it into a source of growth, launching several new products, extending financing to their suppliers all while keeping their NPLs low. Recorded via Zoom on April 7, 2021. Transcript Timestamps 01:38 Dino updates on AwanTunai's 2021 Q1; 03:41 Dino on speeding ahead their SaaS product development in 2020; 05:44 How AwanTunai prioritizes its product development and business lines; 09:20 AwanTunai's outlook for the rest of 2021 and their relationship with banks; 12:08 Dino on sustaining high repayment rates through 2021; 14:00 Dino on lending as key to unlocking SaaS adoption for SMEs in rural Indonesia; 16:37 AwanTunai's research on micro-farm financing; 18:08 Dino on staying true to the vision for AwanTunai's next five years; 20:04 Rapid Fire Round; About our guests Dino Setiawan is the CEO and co-founder of AwanTunai. He is a finance veteran with more than a decade of experience spanning several countries which includes a tenure as VP for Investments at Morgan Stanley among other roles at major financial institutions. After finishing his Master's at the Stanford Business School in 2011, he started off his entrepreneurial journey running his own fintech venture in Silicon Valley, SimpleFi, before returning to Indonesia as a regional fintech consultant. Together with ex-Gojek execs Rama Notowidigdo and Windy Natriavi, he later co-founded AwanTunai, an Indonesian fintech startup providing accessible financing to micro-merchants by digitizing the FMCG supply chain. Music: Cool Upbeat Background Music For Videos by MorningLightMusic Tags: startup, Southeast Asia, founder, entrepreneurship, business, technology The content of this podcast is for informational purposes only, should not be taken as legal, tax, or business advice or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any Insignia Ventures fund.

How The Southern European Nonperforming Loan Market Is Performing

Take Notes

Play Episode Listen Later Apr 15, 2021 7:36

Although nonperforming loans (NPLs) are toxic, there is a market for securitizing NPLs. We're joined by analyst Fabio Alderotti this week to discuss the trends we are seeing in the southern European NPL market, and what we expect to see from that market in the future. We also deep dive into the different factors we consider in our rating analysis of NPL securitizations.

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Heidelberg, Altona & Canberra Olympic Already Out of The FFA Cup

TPO Rankings Podcast

Play Episode Listen Later Apr 8, 2021 21:55

Some big names are gone from the FFA Cup already including Heidelberg, Altona Magic, St Albans Saints, Moreton Bay and Canberra Olympic. We look at all of the NPLs around the country including the South Australian and ACT NPLs which kick off this weekend.

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Ep. 88 IusPod Il futuro del mercato dei crediti deteriorati: cosa ci aspetta nel 2021?

On Call with Insignia Ventures with Yinglan Tan and Paulo Joquino

Play Episode Listen Later Jan 25, 2021 13:08

Dove sta andando il mercato degli Npls e degli UTP e quali saranno gli strumenti per gestire la crisi? Giuseppe La Scala, Senior Partner, partendo dall’ultimo report di Pwc, afferma: “Bisogna approntare una risposta di sistema per salvare un pezzo dell’economia del Paese” e Christian Faggella, Managing Partner, spiega come per farlo sia necessaria una strategia diversificata, che parta da una distinzione attenta tra NPLs e UTP e da una gestione dedicata per affrontare la crisi in maniera efficace.

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How product discovery and experimentation build resilience: On Call with AwanTunai co-founder and CPO Windy Natriavi Part 2

Play Episode Listen Later Dec 17, 2020 17:47

From 2020, we have seen many inspiring stories of resilience have emerged in what has been an unprecedented year, and to close it off, we tell one such story from our portfolio. Despite the negative impact of COVID on lending and financing businesses in Indonesia, AwanTunai has been able to grow their loan book 2x, secure an OJK lending license and raise a $20 million debt facility all while keeping their NPLs below 1%. They also leveraged on the COVID opportunity to digitize more services for SMEs, introducing new products like AwanToko and AwanGrosir. They were also recently awarded first in the ASEAN Fintech category for the MAS Fintech Awards 2020. And who better to get on-call from AwanTuani than a leader who's been driving this growth on-the-ground? Windy Natriavi, AwanTunai's chief product officer and co-founder, shares with us the ingredients for AwanTunai's resilience. This is part two of our two-part series on AwanTunai's story of resilience. The second part covers the second factor of building resilience, according to Windy, which is product focus. This call was recorded 26th of November, 2020. View the transcript Timestamps 01:51 Finding product-market fit with AwanTempo; 04:49 Product discovery process (AwanGrosir + AwanToko); 09:36 The link between company culture and product development; 10:50 Advice for product and growth professionals; 11:34 Advice for founders hiring product talent; 13:27 Rapid-fire round: Top 3 CPO skills, Recommend Books, Activities to De-Stress, Travel destination in Indonesia; About our guest Windy Natriavi is the Chief Product Officer and a co-founder of AwanTunai. before AwanTunai, she was part of Go-Jek's early management team co-founding and becoming VP of GoLife, and then VP of Growth, the team behind Go-Jek's first promo engine, referral engine, and cross sell voucher systems. Previously, she was an analyst at McKinsey and she graduated from the prestigious University of Indonesia with a degree in finance. And as you mentioned earlier, aside from leading product and growth from one to nine these days, she is also co-founder and CEO of, WomenWorks, a women-first connection marketplace in Southeast Asia. Music Business As Usual by Causmic Manhattan by Dyalla c/o Youtube Studio The content of this podcast is for informational purposes only, should not be taken as legal, tax, or business advice or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any Insignia Ventures fund.

2020 22nd Invest in Greece Forum - Greek NPLs - Progress & Outlook - Implications for the Economy & Investors

Capital Link Invest in Greece Podcast

Play Episode Listen Later Dec 16, 2020 41:24

greek progress economy investors greece forum outlook implications npls

How a culture of radical candor and battle-readiness builds resilience: On Call with AwanTunai co-founder and CPO Windy Natriavi Part 1

On Call with Insignia Ventures with Yinglan Tan and Paulo Joquino

Play Episode Listen Later Dec 10, 2020 17:10

2020 has been an unimaginably challenging year for tech startups. Even with the digitalization opportunities opened up by the impact of COVID19, founders navigated uncharted territory when it came to managing remote teams, acquiring and retaining clients, and fundraising in the new normal. From their experiences many inspiring stories of resilience have emerged, and to close 2020 we tell one such story from our portfolio. Despite the negative impact of COVID on lending and financing businesses in Indonesia, AwanTunai has been able to grow their loan book 2x, secure an OJK lending license and raise a $20 million debt facility all while keeping their NPLs below 1%. They also leveraged on the COVID opportunity to digitize more services for SMEs, introducing new products like AwanToko and AwanGrosir. And who better to get on-call from AwanTuani than a leader who's been driving this growth on-the-ground? Windy Natriavi, AwanTunai's chief product officer and co-founder, shares with us the ingredients for AwanTunai's resilience. This call was recorded 26th of November, 2020. Read the transcript here. Timestamps 00:59 Windy's 2020 and Intro; 02:44 What are the key factors that enabled AwanTunai to be resilient?; 04:17 AwanTunai's company culture; 07:46 How Windy's Gojek career influenced her AwanTunai leadership; 09:49 How to embrace a culture of radical candor; 12:45 Windy's approach to hiring product roles; About our guest Windy Natriavi is the Chief Product Officer and a co-founder of AwanTunai. before AwanTunai, she was part of Go-Jek's early management team co-founding and becoming VP of GoLife, and then VP of Growth, the team behind Go-Jek's first promo engine, referral engine, and cross sell voucher systems. Previously, she was an analyst at McKinsey and she graduated from the prestigious University of Indonesia with a degree in finance. And as you mentioned earlier, aside from leading product and growth from one to nine these days, she is also co-founder and CEO of, WomenWorks, a women-first connection marketplace in Southeast Asia. Music Business As Usual by Causmic Manhattan by Dyalla c/o Youtube Studio The content of this podcast is for informational purposes only, should not be taken as legal, tax, or business advice or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any Insignia Ventures fund.

IDC aims to ‘catalyse’ recovery plan, but won’t go it alone as impairments bite

Engineering News Online Audio Articles

Play Episode Listen Later Oct 26, 2020 5:05

The Industrial Development Corporation (IDC) – which reported a R3.8-billion loss for the 2019/20 financial year, driven by a surge in impairments from R4.8-billion to R9.6-billion – has revised its investment strategy with the aim of “catalysing” government’s Reconstruction and Recovery Plan through risk-sharing partnerships with private and public co-financiers. CEO TP Nchocho stressed that the State-owned development finance institution (DFI) would continue to operate at the “upper end of the risk spectrum” in supporting the plan, announced by President Cyril Ramaphosa on October 15 and which included strong infrastructure, industrial, energy and agricultural components. However, given that the distress prevailing in many of the sectors to which the IDC was exposed was expected to persist for some time, the group would prioritise the selection of “good quality” investments that were able to attract other partners. This depressed economic environment was reflected in the 10% fall in funding approvals to R11.8-billion during the year. Disbursements, however, declined by only 1% to R11.7-billion compared with 2019. “The economic recovery of the country, we believe, will be well driven if investment choices are made on a strong financial-sustainability basis, on a strong development-effectiveness basis, and we believe that it will involve sharing risk with other financial institutions and development partners,” Nchocho said, adding that the IDC had no intention of going it alone. The DFI’s historical approach of assuming senior debt in investments in which it also took equity was likely to make way for one where the financing risks were “distributed” more widely and where the IDC no longer underwrote the entire project. Nchocho said the principle would apply equally to both medium-sized investments and those involving billions of rand. The IDC had also overhauled its Africa strategy to focus primarily on the Southern African Development Community (SADC); this after a handful of non-South African projects were key to driving the surge in the group’s nonperforming loans (NPLs) ratio, which rose from 22% in 2019 to 26% in 2020. Nchocho described the level of NPLs as far too high even for a DFI and said that, in future, investment activities outside of South Africa would be pursued mainly within SADC and primarily with South African-based partners. He indicated that the gas developments in Mozambique were receiving priority attention in the region, while its energy and agricultural investments were poised to grow strongly within the borders of South Africa itself. The IDC’s exposure to renewable energy had decreased from over R13-billion to about R11.2-billion, but acting CFO Gert Gouws said that with the procurement of ‘emergency’ power capacity under way, as well as with the prospect of new renewables bidding rounds, that exposure was likely to rise strongly in future. LISTED-ASSET DIVERSIFICATION & FOSKOR SALE In parallel, attention was also being given to diversifying its portfolio of listed assets (which took a major knock both from the collapse in Sasol’s valuation and the Covid-19 pandemic) and to decreasing it exposure to lossmaking subsidiaries, such as Foskor. By the end of March, the IDC’s listed portfolio had slumped to only R23.5-billion, from R56.2-billion at the end of March in 2019. The dramatic fall was driven largely by its holding in Sasol, the value of which plummeted from R24-billion in March 2019 to only R2-billion in March 2020. By the end of September, the portfolio had recovered to R40.5-billion, however, with Sasol, Kumba and BHP driving the recovery. The group has also issued an expression of interest (EoI) for those interested in acquiring a stake in Foskor, which reported a R1.6-billion loss for the year, increasing cumulative losses for the past five years to over R4-billion. The IDC expected Foskor’s losses to moderate materially during the current financial year, an...

Caixin China Biz Roundup: Microsoft Spins Off Chinese ‘Teenage’ Chatbot

Caixin Global Podcasts

Play Episode Listen Later Jul 14, 2020 14:00

In today’s episode: U.S. tech giant’s Xiaoice chatbot to become a separate company headed by former executive Harry Shum; rigorous testing of cold food imports has tripled customs clearing times at several Chinese ports; and banking regulator warns of a coming wave of nonperforming loans as the full force of the pandemic’s economic costs is yet to be felt. SPECIAL OFFER: Great News! Caixin Podcast listeners can now enjoy a 7-day complimentary access pass to caixinglobal.com and Caixin app. This is a limited-time offer. Get your pass by heading to: https://www.caixinglobal.com/institutional-activity/?code=J3XVJC

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Banks’ Non-Performing Loan Ratio Drops To 6.6%

Business Drive

Play Episode Listen Later Jul 1, 2020 2:17

According to the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, the non-performing loan ratio of the Nigerian banking sector dropped to 6.6 per cent at the end of April 2020 from 11 per cent in April 2019. In a report recently released by the CBN on the last Monetary Policy meeting, Emefiele said the observed growth in credit illustrates the continued potency of the bank’s Loan to Deposit Ratio policy and the need to sustain credit flows to the private sector, especially at this critical time when the economy needs to indefatigably support its productive machinery. He said the reduction in the NPLs underlined the CBN’s continued drive to de-risk lending. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Ep 88- Metechi CEO Zohar Goshen

FinTech Newscast

Play Episode Listen Later May 30, 2020 22:11

Click Subscribe to keep up to date on the world of fintech! Reach us at info@fintechnewscast.com or at @fintechnewscast on Twitter https://metechi.com Metechi is a Syndication Marketplace providing lenders instant access to CRE, NPLs and C&I loans originated by banks and institutional investors.

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S8E86 Interview with Annelise Osborne, Head of Strategy at Metechi

Tech Nest: The Real Estate and Tech Show

Play Episode Listen Later May 14, 2020 54:03

When you think of the lending industry, you may not think of loan syndication. And that's OK, but up until this interview, neither had I. Annelise Osborne is the Head of Strategy for Metechi. Metechi is, "a Syndication Marketplace providing lenders instant access to CRE, NPLs and C&I loans originated by banks and institutional investors." We had a great time during this interview discussing how this could give the local and regional banks far greater flexibility when it comes to selling their loans. In a world where headlines are dominated by consumer facing companies, you won't often find out about fintech companies like Metechi, and that makes this episode that much more worthwhile to listen to.

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Ep 49: Non-Performing Loans, Auctions, and The Distressed Niche with Jordan Cailliarec

The Real Estate Investing Experience

Play Episode Listen Later Apr 30, 2020 48:50

As we often say, there are riches in niches, and as the world of commercial real estate grows increasingly competitive, it is more important than ever to find your corner of the market. It is vital to use creative solutions to make real estate a lucrative investment if you're not a large institutional player. Today's guest, Jordan Cailliarec, has done just that. Entering the job market around the time of the 2008 crash, Jordan was forced to find innovative solutions to make money through real estate. Armed with a legal background and a passion for the seemingly impossible, Jordan has made it work. In this episode, he walks us through nonperforming loans (NPLs) and how he got started with them. After large institutional organizations would bulk-buy NPLs, they would write-off a certain percentage. Jordan would acquire these previously written-off loans through a middle-market group.

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Across the ASEAN: Taking the Temperature of Regional Banks, with Daniel Tabbush

MONEY FM 89.3 - Prime Time with Howie Lim, Bernard Lim & Finance Presenter JP Ong

Play Episode Listen Later Apr 29, 2020 13:31

Just before Singapore's banks start releasing earnings, we spoke to Daniel Tabbush, the author of the Tabbush report and frequent SmartKarma contributor, about the state of banks across the ASEAN. Singapore's banks may be facing more risks than we think, especially from the oil and gas space. His advice: watch out for new additions to NPLs and special mention loans in the release. He also touches on the state of banks in China, and why traditional valuation metrics may not be reliable signals for bargain hunters looking to buy banks now.

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Ep. 24 IusPod Fallimento di azienda in caso di gara d'appalto e progetto esecuzioni della Cassazione

Play Episode Listen Later Jan 31, 2020 12:42

Pierluigi Giammaria, of counsel dello Studio, analizza un'interessante sentenza del Tar in tema di fallimento di azienda in caso di gare di appalto.Tiziana Allievi, partner dello Studio, spiega l'importanza del “progetto esecuzioni” della Terza Sezione della Cassazione nato per far fronte al crescente aumento dei crediti Npls e ai lunghi tempi per il recupero degli stessi.

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Aron Grünhut: Rescuer of the Jews and Human Rights Defender

JR Outloud

Play Episode Listen Later Jan 30, 2020

An intriguing and moving exhibition came to Northwood & Pinner Liberal Synagogue last week to mark Holocaust Memorial Day. Aron Grünhut: Rescuer of the Jews and Human Rights Defender told the extraordinary, and until now little-known, story of this Slovakian Jew who managed to use his business acumen, considerable influence and sheer chutzpah to negotiate with the Nazis to allow over 1,300 Slovakian and Austrian Jews to escape to places of safety, including Palestine and – in the case of 10 children, in collaboration with Sir Nicholas Winton – England. Routes to Palestine by boat involved danger negotiating Europe’s rivers and towards the end of the war, Grünhut’s own luck almost ran out, his life saved only by the courage of a Slovak fireman who hid him.In this podcast, which begins with an excerpt of an address from the Ambassador of Slovakia, Lubomir Rehak, Judi Herman speaks to Ambassador Rehak, Nicky Winton – son of Sir Nicholas – and Israel's Deputy Ambassador Sharon Bar-Li, about this extraordinary man and his story. Herman is a member of NPLS, a congregation with close links to both Slovakia and the Czech Republic as guardian of Torah scrolls from some of the Jewish communities in those countries that did not survive the Shoah.

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Ep. 23 IusPod Previsioni sull'andamento del mercato UTP e limite di finanziabilità nelle operazioni di credito fondiario

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Play Episode Listen Later Jan 24, 2020 9:23

Utp e previsioni per il 2020: Giuseppe La Scala e Niccolò Pisaneschi commentano il recente report redatto da Abi-Cerved sul futuro del mercato dei crediti deteriorati, ipotizzando come le stime di crescita degli Npls potranno incidere sugli Utp e quali saranno le difficoltà che le piccole e medie imprese dovranno affrontare. Jessica Cammarano, Senior Associate, analizza un recente caso, affrontato dallo Studio, in tema di limite di finanziabilità nelle operazioni di credito fondiario

Ep. 18 IusPod Npls nel sistema bancario europeo e validità delle notifiche telematiche a mezzo pec

Play Episode Listen Later Nov 22, 2019 8:43

Sabrina Galmarini, partner dello Studio e responsabile del team Regulatory, commenta il documento EBA sulla qualità degli asset nel settore bancario europeo, in particolare il focus è posto sulla situazione dei Non Performing Loans.Roberta Pisano, Senior Associate dello Studio, analizza una sentenza in tema di validità delle notifiche a mezzo pec.

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Ep. 5 IusPod La gestione dei crediti deteriorati

Play Episode Listen Later Jun 7, 2019 7:11

Christian Faggella, managing partner dello Studio, affronta il problema della gestione dei crediti deteriorati (NPLs) e delle possibili soluzioni.

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IMN NPL Series-Extracting Value In Today's NPL Market, Johannsson-O.L.A.F

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Play Episode Listen Later May 29, 2019 37:08

Welcome to Capital Markets Today and the IMN NPL Notes & Default Servicing Forum podcast series.The forum is being held Dana Point on June 3rd & 4th.Listeners of the podcast can use code NSCM30 when registering for a 30% discount Fannie Mae recently announced their latest sale of non-performing loans. Fannie’s NPL sale includes six larger pools of approximately 4,660 loans totaling $822 million in unpaid principal balance (UPB) and the Community Impact Pool of approximately 80 loans totaling $17.7 million in UPB. Freddie Mac last week announced the completion of its auction of 1,789 non-performing loans (NPLs) totaling $307 million. The winning bidders across the three pools include InSolve Global Credit Fund for the first pool, and Elkhorn Depositor LLC for the second and third pool. Joining the podcast to discuss the changing NPL and default environment is Paul Johannsson, Founder & CEO of OLAF Consulting. Paul and his teams throughout his career have managed hundreds of thousands of defaulted mortgages’ legal processes through oversight of 250+ nationwide law firms and over 300 servicers’ default administration practices. CREATE VALUE WITH STATE OF THE ART PORTFOLIO MANAGEMENT TECHNOLOGY

IMN NPL/RPL Series - Buying & Managing NPLs, Turner -The Canadian Note Guy

Capital Link Invest in Greece Podcast

Play Episode Listen Later Jan 17, 2019 26:50

Welcome to Capital Markets Today, and the IMN NPL Mortgage Notes Forum podcast. The forum is being held on February 7th and 8th in Fort Lauderdale, listeners of the podcast can use code SP20 when registering for a 20% discount According to many experts, housing could be heading for its worst year since the last housing crash as predictions of home sales continue on a downward trend for the next 12-plus months. In addition, talks of a possible recession looms as equity markets remain unstable. NPL/RPL investors are gearing up for a brisk year of trading as uncertainty about the economy and housing remain in the headlines. Joining the podcast today to discuss buying and managing NPLs is Nathan Turner, known as the Canadian Note Guy. Nathan started his business in Canada but shifted to the U.S. and has grown his portfolio substantially over the past few years.

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2018 Invest in Greece - NPLs - The Big Opportunity for Restructuring, Growth & Investment

Play Episode Listen Later Jan 16, 2019 43:55

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NoteExpo Podcast Series – NPL & REO Acquisitions, Fuquan Bilal - CEO NNG Capital

TPO Rankings Daily Briefing

Play Episode Listen Later Oct 31, 2018 28:27

NoteExpo, November 2nd and 3rd, Dallas Tx. - www.noteexpo.com Today, Fannie Mae announced the winning bidder for its fourteenth Community Impact Pool of non-performing loans. The transaction is expected to close on December 18, 2018 and includes approximately 66 loans totaling $22.9 million in unpaid principal balance; the loans are geographically focused in the New York City area. The winning bidder was VWH Capital Management, a minority woman owned business. The cover bid, which is the second highest bid, for the Community Impact Pool was 90.0% of UPB or 48% of the home value. Joining the podcast today to discuss the acquisition of NPLs and REO is Fuquan Bilal, CEO of NNG Capital Fund. Fuquan heads up a multi-million-dollar alternative investment fund that Primarily invest in Real Estate Notes and REO's

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Proud but devastated - Onwards to Denmark

Play Episode Listen Later Jun 16, 2018 1:21

Mat Ryan summed up Australia’s gut-wrenching loss to France with typical forthright honesty, declaring: “We got beaten by a penalty and a deflected goal." Even the most loyal of Socceroos fans feared a possible blow out against Les Blues. But in the end, the 2-1 victory to France in Kazan flattered Didier Deschamps’ men. And Canberra FC will be representing the ACT in the final 32 of the FFA Cup after defeating Gungahlin United 3-2 on Saturday night. And join Jake and I on the TPO Rankings Facebook Page for a Facebook Live where we will be recapping the scores from all the NPLs tonight, that’s Sunday night at 8.30pm.

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IMN NPL/RPL Series, Non-Profit NPL Opportunities, Morales, Hogar Hispano Inc.

Play Episode Listen Later May 25, 2018 30:21

Fannie Mae announced its latest sale of non-performing loans, including the company's thirteenth Community Impact Pool know as (CIP). The CIP pool will consist of roughly 700 loans totaling $134 mm in UPB. States include New Jersey, New York, Baltimore, Maryland, Cook County, Illinois, Miami and other Florida areas. CIP pools are designed in to increase the inclusion of non-profits and minority & women owed business and have subtle requirements to increase the chance of home owner retention and neighborhood stabilization. Joining the podcast to discuss the NPLs and distressed real estate is Marcos Morales, Executive Director of Hogar Hispano, Inc. Marcos is very active in the non-profit NPL and real estate space and manages a portfoliol of over $30mm from recent acquisitions.

DDC European Investment Summit Series, Greek NPL Market, Mountis-Delfi Partners

Play Episode Listen Later May 8, 2018 29:03

The DDC Financial's European Investment Summit is being held on May 8th and 9th in Athens, Greece. Listeners can use code NSCM30 for a 30% discount when registering. According to the European Central Bank’s Chief supervisor, Daniele Nouy, Greek banks need to do more to reduce their very high stock of non-performing loans. Nouy indicated that NPLs are the biggest challenge facing the banking sector in the country which is set to exit its third international bailout in August. European Central Bank regulators are attempting to shrink NPLs by 40 percent by the end of 2019. The reductions will be driven by restructurings, collections, write-offs and loan sales. Joining the podcast to discuss Greek NPLs is Dr George Mountis, Managing Partner at Delfi Partners & Company. Delfi Partners specializes in corporate finance, strategy advisory, turnaround & restructuring, real estate asset management & NPL workouts.

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Capital Pro Series, NPLs in the EU, Browndorf, Distressed Capital Management

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Play Episode Listen Later Mar 19, 2018 30:03

It has been widely recognized that the high level of nonperforming loans in certain European countries is an obstacle to economic growth and a burden on their banking sectors. A report published by the European Commission in January 2018 indicates that a comprehensive package of measures for tackling high NPL ratios is being put in place. One such measure is to set up Asset Management Companies at a national level to more effectively manage distressed debt and real estate. The report stated that the Asset Management Companies should be modeled on best practices adopted by other more experienced countries. Joining the podcast to discuss the European distressed market is Matt Browndorf, Founder & Chief Investment officer at Distressed Capital Management. Distressed Capital Management is an asset management firm that employs a vertically aligned group of companies centered around residential real estate in the US and European markets.

Capital Pro Series, NPLs/Restructuring in the SEE, Fecker, Innovation Brain

Capital Link Invest in Greece Podcast

Play Episode Listen Later Feb 21, 2018 28:14

CAPITAL PRO CITY SUMMIT - PRAGUE, CZECH REPUBLIC - MARCH 21-22, 2018/ USE CODE NSCM30 FOR A 30% DISCOUNT According to a recent Euromoney article, Changes in legislation in some South Eastern European countries, combined with improving fundamentals, have sparked a brisk trade in bad-debt portfolios as well as facilitating internal work-outs. Joining the podcast to discuss NPLs in the SEE is Dr. Lukas Fecker, Managing Partner at Innovation Brain LLC. Lukas is a highly regarded turnaround professional who focuses on defining and implementing restructuring strategies within banking. His current engagements include clients in Cyprus, Greece, Germany and the Middle East.

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2017 Capital Link Invest in Greece Forum - NPLs - The Big Opportunity for Restructuring, Growth & Investment

Play Episode Listen Later Jan 1, 2018 39:00

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NoteExpo Podcast Series - Buying NPLs, Guinn - President at Granite Investments

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Play Episode Listen Later Oct 19, 2017 31:42

Most of us have seen REO inventory decrease and prices increase in our local markets. It has been harder and harder to find good deals in which to invest. NPLs offer an alternative to what is available on the MLS. Pricing for NPLs is much less than real estate and you have several possible exits such as loan modification, refinance, Deed in Lieu, long term cash flow, Short sale, foreclosure, and even long-term rental. Joining the podcast to discuss the acquisition of NPLs is Chaze Guinn, President of Managing Director of Granit Strategic Investments. Chaz has been instrumental in the architecture of the acquisition, portfolio management, investor relations, and trading platform at Granite. Chaz specializes in distressed whole loan trading, and has built a reputation on a track record of structuring, negotiating, and executing some of the hardest trades possible in the low-value market segment. Granite is an excellent source for investors to purchase NPLs.

2017 Forecast Mid-Year Report Card

Talking Geopolitics

Play Episode Listen Later Jul 6, 2017 30:45

Xander Snyder and Allison Fedirka explain the purpose and utility of the GPF report card and discuss why some forecasts were not entirely accurate. Sign up for free updates on topics like this! Go here: hubs.ly/H06mXwR0 TRANSCRIPT: Xander Snyder: Hi and welcome to the Geopolitical Futures podcast. I'm Xander Snyder. I'm an analyst here at Geopolitical Futures and I am joined today by Allison Fedirka, a senior analyst here at Geopolitical Futures. How's it going Allison? Allison Fedirka: It's going well Xander, how are you? XS: Doing good. So today we're going to talk about something that really makes Geopolitical Futures what it is, which is our annual forecast and specifically our mid-year report card on that forecast. So Geopolitical Futures publishes every year a forecast on what events we believe will transpire throughout the year and we also have a long-term forecast so you can understand how those annual forecasts fit into larger trends in the world. And then we evaluate our performance both mid-year and at the end of the year. So Allison, why do this? Why have a report card? AF: So we have two report cards, we'll have a mid-year report card and a year-end report card and in both cases the purpose is to keep us honest. We need to maintain our intellectual integrity and we have always said that we have a model and that we strictly adhere to it and our forecasts are based on that. Every once in a while, we may not be accurate with our forecasts and this is one way that we can check in, see where the accuracy lies, pat ourselves on the back when we're right, acknowledge when we're wrong and then course correct if it's needed so that our model and our understanding of the world stays consistent, stays accurate and we can make sure our understanding is the correct understanding and developing as needed as the world continues. So we'll have things that are on track, we'll have things that are complete, we'll have things that are not on track at all, we'll have things that we haven't foreseen that we probably should have put in our forecast initially but failed to do. So it's really a comprehensive project that goes through all of our forecasts and tell us where we're right, where we're on track and maybe where we need to rethink things and course correct a little bit. XS: Right and we'll assign a letter grade to each discrete forecast we've made, right? ‘A' is it has come true, ‘B' is trends are moving in the direction to make it true, ‘C' is there are no immediate indications that trends are moving in the direction to make the forecast correct, ‘D' is we got it wrong and ‘F' is we forecasted just entirely the wrong thing. So this mid-year report card will be published tomorrow and you'll be able to read the full rationale for all of them as well as a little blurb if you just want to get a high level summary. So one of the things that I really like about these forecasts and the report cards that I think distinguishes Geopolitical Futures' work more as an analysis than news is the model for publication holds us to statements that we've previously made, right? A lot of news sources will publish one thing and then you can kind of just move away from it. But at Geopolitical Futures, we are constantly following events as they develop and we have to always refer back to, well it's a constant interpretation of what's happening in the world, but we'll be referring back to statements we've made previously. So it always sort of fits in the context of our model for interpreting world events. And what we're going to do on this podcast is take you through some of the more significant forecasts that either went our away or didn't go our way as of now, as of mid-year. So maybe we should start in, well North Korea is on everyone's minds and that seems to be one of the ones that we struggled with. We didn't really anticipate North Korea shaking the global geopolitics as much as it had. What do you think contributed to that Allison? AF: So there's a few different factors, first we should clarify that basically our forecast was that North Korea would continue to develop its nuclear program, that there would be no war and that 2017 would look very similar to 2016 and North Korea would not really occupy a major role in the geopolitical events of the region or even the world at this matter. That's obviously not the case. So we've needed to course correct a little bit, we've written some of our analysis and Deep Dives throughout the last two to three months that helps kind of go into that in-depth of where we think things are going now. And one of the main reasons for North Korea is the development with their missiles has changed more than I think we initially anticipated. So the information coming out, the assessment of their military capabilities is very opaque. And the United States now needs to react to the potential threat of a North Korean missile and that is very different from having a North Korea that couldn't attack the United States. And so a red line has emerged that we did not see coming and that has forced the U.S. to take action and deal with this issue head on as opposed to just kind of placating the situation and calling on China, for whenever there's a rally or some ruckus going on, calm North Korea down and then walk away and wait for the next round of excitement to begin. I know you have actually done some of our more in-depth work on the actual missiles and weapons systems of North Korea so in terms of like technical things and actual red lines and threats, I think you might be able to kind of add a little bit of where those things come from. XS: Yeah, I mean the first thing you notice when you start to dig into the research that's been done on really any aspect of North Korea's military is a lot of experts making best guesses just because this information isn't publicly available, right? So, I think they've just launched what a lot of folks are saying was an ICBM earlier this week on July 4. Before that, experts have been tracking engine tests of different types of rockets that they believe conceivably could've been engines for ICBMs as opposed to intermediate-range ballistic missiles and so I mean there's two aspects of this, right? One is the missile side and one is the warhead side. And there is still confusion, or uncertainty rather, about their missile capability even though they're claiming now that they have a missile can strike the U.S. Ultimately, it didn't fly quite that far, right? It flew at a trajectory that was about 45 degrees which made it go higher and not further, so in theory it seems like it can reach a lot further than it actually did but we're not sure. On the other side is the idea of both miniaturizing and ruggedizing a nuclear warhead that can fit on the end of one of these ballistic missiles. Because on one hand it needs to be small enough and that's an engineering challenge in and of itself and the next is it needs to be able to withstand re-entry into the atmosphere. Because the way ballistic missiles work is the engine will power them up to the apex and then they follow a parabolic route and they're just pulled down by gravity. The engine doesn't need to take them the rest of the way. But that means that they need to go quite high in order to achieve the range that – or hit a faraway target. So there has been – I think experts are saying now that they believe the consensus is that North Korea does have some degree of a miniaturized nuclear warhead. They are still uncertain about the ruggedized aspect of it. But even with that one bit of uncertainty, you have consensus moving towards the idea that they have a miniaturized nuclear weapon and now it seems like they are getting closer to having a ballistic missile that can hit the United States. And Geopolitical Futures has said before that the U.S.' red line is gonna be North Korea actually getting to a point where they can deliver that nuclear weapon and James Mattis has basically said as much publicly. That we're not going to let the North get to that point. And we've done other podcast episodes and we've done a lot of written pieces on North Korea's conventional military as well – how Seoul plays into the calculations on the peninsula right now and how the U.S. needs to consider that if a war were to break out. But I mean the two-second summary here is when you're dealing with secretive states like this, there's only so much information that's available and so I think as we made this forecast, we're doing our best to navigate a gray zone and we missed it. AF: Which is a learning experience and as we pay more attention, we get a better sense of how the government will behave as well as patterns of their behavior and imperatives, so that in the future, we will hopefully have a better read and grasp on the situation. Another item that we discussed and we're slightly surprised with and therefore not as accurate as we would've like to have been is Italy. And Italy in this case is not quite as opaque but we did have some surprises there in terms of what we were expecting and what we actually thought would happen. So our forecast with Italy was that the banking crisis will continue and also that it will turn into a political crisis and cause the confrontation of Italy with Germany and the European Union. So one thing that we try to do at Geopolitical Futures is to be precise a little bit more with our language. It's very easy to sound smart when you use abstract language without quite specifying what it is that you're talking about and that was one component that was really important with our Italy forecast in terms of what did we mean by banking crisis, what did we mean by continue. One of the easiest things that you can do in a forecast is just say everything is going to stay the same and the challenge is to say well what's going to stay the same, what's going to be different. And Xander, we expected the crisis to continue and that there would be some political crisis and tension with the E.U. and it wasn't exactly how we had imagined. I know you've looked into this and can probably explain a little more of how the situation changed from what we were expecting based on previous behaviors of the other European Union countries dealing with their financial crises with Brussels versus the Italian approach. XS: Well just for a little context, what were the problems and what are the problems that Italy's banking has been facing? Perhaps the most ominous is the rise in non-performing loans, or NPLs, and all of that basically means is that the borrower has gotten to a point where for whatever reason their business is struggling or they've lost their job, their loan payments are greatly delayed or they've just stopped making them entirely. And obviously, this is dangerous for banks because they expect to make their money and be repaid and if they start encountering a lot of loans that are not being repaid then you have to start worrying about a liquidity crisis and you know bank runs and all that. So the trend of NPLs in the Italian banking system had been increasing for a number of years. It got to about 18 percent of all loans outstanding in the Italian financial system. And we were expecting that trend to continue, get worse and for Italy to continue struggling implementing any sort of solution to their NPL situation. Since we had watched Greece and Spain and Ireland deal with a similar problem, although in different ways, we thought you know that would be a good rubric for evaluating Italy. Which basically meant that Italy was going to have to work with Germany in some way or another for a large bailout to help recapitalize their financial system, which is essentially what Spain did. And since we believed that Italy has a larger economy than these other countries who have dealt with NPL issues and it has different interests than Germany does, that those interests will clash and there would be no compromise. And this is not exactly what we've seen play out. Italy has begun to solve its NPL issue. The NPL ratio is no longer increasing. They've kind of topped out over the last year or so and now are slowly starting to decline. Some of Italy's biggest banks have implemented successful restructuring initiatives, which basically means firing a lot of people and cutting costs and reducing the size of the bank so that they can continue to get to a point where they're profitable in the future with fewer assets. Italy's two biggest banks, Unicredit and Intesa Sanpaolo, have both been successful in this regard and they haven't needed any bailout. So that is what some in economic jargon have come to call the decentralized approach, which just basically means the banks have been able to somewhat successfully solve their own problems. Now it's not like this with all of Italy's banks. Monte dei Paschi di Siena, which is I think the third largest Italian bank by assets, had the highest NPL ratio. However, they were able to reach some accommodation with the European Central Bank that allowed them to receive state funding from Italy, not from the ECB but from Italy itself. And there's another acquisition by Intesa of two smaller banks that the ECB also allowed Italy to provide some state funds for. So the question is, we're seeing some degree of compromise, does that mean that Italy has essentially been able to get what it wants? And since Italy has been following all of the EU's rules, it's hard to tell if one side has really bent to the will of the other, but it has been enough off the mark that we labeled that particular forecast a C and will continue to monitor and see if the solutions that are currently in process that are being implemented are successful. AF: Well that makes sense and I would also take the moment now to just explain the nature of a mid-year report card is that a lot of the information we have to fully judge the accuracy is incomplete. The Italy forecast I think is an excellent example of how we can judge a situation about where we stand now and where we could potentially see the situation going. And where we are in July will obviously be very different than where we are in December, so it will be very interesting six months from now to compare the different grades in progress from some of our forecasts now that may seem way off track or a pipe dream will end up being perhaps, coming to fruition or being more on track now than it was in the past. And Italy is a great example of that, where it's not exactly what we were expecting but there's still six months left in the year and we shall see where things take us. Another interesting thing about our forecast would be the I would say the timing of things so sometimes the accuracy of our forecasts tend to not be so much with the actual material or forecast itself but the timing and I know one of the forecasts that is on track but tracking a little bit faster than we were anticipating is one of our items with the U.S. economy in general. Our U.S. economy forecast dealt with both trade and with the potential for a recession and I know Xander that we've been observing some signs of recession in the U.S. economy and where that fits in with our forecast. XS: Yeah, so the specific wording of that forecast was the U.S. will not experience a recession in 2017, but will show signs of one by the end of the year. And we've seen a couple indications that those signs are already showing themselves. One, the unemployment in the U.S. is as low as it's been in years. And that might sound good but the question then, is how much better can it get. And when an economy is at full employment and you factor in that the U.S. economy sees a recession every eight to 10 years or so on over average and this is a cycle that repeats itself, usually the best unemployment figures come right before a recession starts because there is just not a lot of room to improve. Another indicator we've seen is the VIX metric, which measures global volatility, it is at an all-time low which is a sign that there is some complacency in the market, that people are just very comfortable with where things are and that is also usually something that occurs right before a recession. Another perhaps more immediate indicator that we've seen recently was a monetary policy decision by the U.S. Federal Reserve. They're increasing the federal funds rate by another 25 basis points, which is not particularly remarkable because they've been increasing rates since the end of 2015. However, for the first time since the end of the ‘08-‘09 recession, the Federal Reserve will be selling longer-term Treasuries. And this was, when it was buying longer-term Treasuries through a number of programs called Quantitative Easing, it was essentially the Fed's way of trying to support the market through less conventional means because the Fed will usually attempt to manipulate shorter-term interest rates. So the fact the Fed is now selling off long-term bonds is, well there's two ways to look at it – one, a sign that the economy looks like it's doing better, but if you think a couple years down the road, it's also a sign that the Federal Reserve is recognizing that if it is too in monetary policy, it needs to do it now. And it would want to tighten monetary policy so that it has room to lower it in the future in any sort of contraction. So we've seen that. We've seen the U.S. yield curve at relatively flat levels compared to the last 10 years which is also often an indicator of a recession coming in between six and 18 months or so. So that's something that we anticipated that appears to be developing earlier in the year than we were anticipating. AF: But bottom line, still keeping the forecast on track, we do not foresee the recession actually starting this year? XS: Right yeah that was a B. AF: Gotcha. There is also one major component left. We'll talk a little bit about this and then to wrap I want to include some places where we've done quite well with our accuracy. The purpose of this particular podcast is to increase the transparency that we have with our forecast and our grading and our methodology for why we come to the conclusions that we do and acknowledging the areas that would like to explain better for why we were not as accurate as we thought we would be. And the main remaining one left would be Turkey and Iran, which we foresaw a larger role of Turkey in the Syria crisis. We also foresaw a lot of confrontation between Iran and Turkey emerging this year. It also appears to be one of those situations where we're only halfway through and there's lots of maneuvering room between now and Dec. 31. And it's good to recap what we've seen so far because that is one of the pillars that we have in our Middle East forecast that is not quite on track and is not happening as fast as we thought it initially would. XS: Right, so what do we think would happen with that forecast Allison? AF: Well what we anticipated was that Turkey would be drawn into the Middle East conflict, that the regional powers would start to compete for influence as a result of all the chaos going on in Syria and Iraq. We foresaw Turkey and Iran becoming the most active competitors. Turkey primarily in Syria and Iran primarily in Iraq either directly or through proxies. And that has essentially just not been the case. Iran really has not come into competition with Turkey and the main reason for that is because Turkey has not engaged in Syria to the degree that we initially anticipated. The Turks' primary concern right now in Syria is the Kurdish presence and that is because they see it as a threat to their domestic security and national integrity. Right now, they don't need to worry about the security of their borders and the Kurds crossing over or anything like that. They're still plenty occupied in Syria. On top of that we still have a government recovering from a coup that took place about a year ago. They had referendums and changes to their political organization. There were major changes to help consolidate power so the government is still working on that. Their economy is not performing as strongly as it was a few years ago and so they still need to address several economic concerns and we're really seeing these items take up a lot of the time and resources of the Turkish government, and it is much more inward-looking than we anticipated. And it also is at a point where it can afford to be inward-looking. They don't need to worry about any threats along their border at this point and time and that is also keeping them out of confrontation with Iran, who is under much more pressure to actively address the ISIS presence and chaos and fighting that's going in Iraq and Syria because those activities are starting to directly affect Iran. And I know that we've seen some developments just in the past couple of days that, Xander, maybe you want to speak to a little bit in terms of where we see this going and where things are at the present moment of who's talking to who and where there might be some room for engagement in the future. XS: Sure, an item that actually went out on our Watch List today had to do with Turkey, Iran and Russia stationing troops at different demarcation lines for de-escalation zones in Syria that have already been agreed to. And there is disagreement between Turkey and Iran, where their troops are going to be stationed. Turkey's fear is Iran may station troops along a demarcation line that is too close to Turkey's border and it seems like the disagreement in those negotiations may be an early indicator that some of what we were anticipating in our forecast is beginning to develop. But what did we end up giving ourselves on that forecast, Allison? AF: Well with that particular forecast we ended up giving ourselves a D, because we severely underestimated the amount of confrontation because of Turkey being so inward-looking. Which means that we're much more off track than we anticipated, however, as I mentioned, it will be interesting to compare the final results at the end of the year with the ones that we have this year. XS: Yeah so even despite those early indicators, we just said we didn't call it as of now in the year but obviously all of the issues that we discuss in our mid-year report card we will continue to track throughout the year. So those are some of the forecasts that we could've done better on that we missed outright. Allison, what about some that we were more accurate with? AF: So right now we've been accurate with several things. Some of the major ones would include the U.S. seeking to enforce and renegotiate trade deals like NAFTA and not pursue other multilateral trade agreements. The U.S. pulled out of the TPP in January. NAFTA negotiations are expected to start in mid-August this year. There's been no more pursuit of the TTIP. These are all things that indicate that forecast was an accurate forecast and completely on track. Our forecast with Brexit in terms of the U.K. maintaining economic ties and business ties to the EU is still on track. Obviously, that depends on how things will change throughout the rest of the year with the negotiations and final terms of the Brexit. But that is something that is on track and actually is of importance in that initially they were one of the few people that were actually saying, hey this isn't a big deal, this is business is going to continue as normal, these ties and relationships are too strong. So that's notable in that sense. Our predictions with NATO and the U.S. pursuing closer ties with Eastern Europe are on track. Our forecast with oil prices not rising, especially as it relates to the Russian economy and not being enough to satisfy the budget and financial needs for the government to deal with social unrest, that's on track. We're still seeing protests throughout the country, wage arrears are continuing, the government is having financial issues. And then also some more upbeat economic forecasts that we have, which include East African countries having the high growth rates and really identifying some of the more emerging markets where there is a high growth potential, especially at a moment and time when the global economy isn't growing as fast as it was say prior to 2008. And that would be economies like Ethiopia, Kenya, Tanzania, Uganda. We have so far been accurate on Brazil returning to growth this year, albeit very mild. It's something that we see as notable in that it is South America's largest economy and it just went through two years of recession where it contracted by more than 7 percent so even if we only see 1 percent, half a percent of growth this year, it's notable, and that forecast is very much on track. So there are a lot of hits and if you take the time to read the entire report card, you will see that there are multiple items that are very much on track, some of them that are completely accurate that we would consider As, as well as lots of Bs. Those are easy to talk about, those are nice little pats on the back. And it was really important for us today to take the time to kind of address some of the more outstanding misses or misinterpretations of how we foresaw the world events evolving this year, to address those at this time. XS: So remember to check out our mid-year report card, it will be published tomorrow which is Friday, July 7 and the format will be sort of a graphic with shorter descriptions of each forecast and showing the grade right next to it and then if you scroll down further on the page, you'll see a more detailed explanation of each of those forecasts and that will be available tomorrow.

IMN NPL Podcast Series - Buying & Selling NPLs, Orman, Carrington Holding Co.

Play Episode Listen Later May 16, 2017 28:41

Last week, Fannie Mae announced the latest sale of non-performing loans and its third reperforming loans sale. The three larger NPL pools hold about 3,600 loans that total $613 million in unpaid principal balance, while the Community Impact Pools make up about $34 million in UPB, and are available for purchase by qualified bidders. The reperforming loans pool holds about 13,700 loans totaling $3.036 billion in UPB. Joining the podcast to discuss the buying and selling of NPLs is Rudy Orman, Managing Director at Carrington Holding Company. Rudy has years of experience in the NPL space. Prior to Carrington, Rudy was at Residential Credit Solutions and Marathon Asset management.

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Banks and borrowers in distress — Europe's NPL crisis

The Sound of Economics

Play Episode Listen Later Mar 10, 2017 15:16

This episode of The Sound of Economics focuses on non-performing loans (NPLs), a pressing issue for Europe's banks. The financial crisis and the recession that followed left European banks with € 1 trillion of NPLs. This has a negative impact on banks, borrowers, and the wider European economy. A range of experts offer insights into why NPLs are a challenge for banks, and why they are a problem for the European economy as a whole. They also discuss cultural differences in our relationship with debts, and how NPLs affect borrowers and undermine entrepreneurship. NPLs are a big issue for the European economy, and the show's guests explore how this issue can be solved. They explain what NPL workout entails, and assess Europe's progress in streamlining the process. Asset Management Companies (AMCs), so-called "bad banks" are part of the solution, and this episode asks if a European approach to AMCs can be effective. And finally, since both banks and borrowers are negatively affected by NPLs, we address the difficult question of who should bear the loss.

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IMN NPL/RPL Series - NPL Trading - Pollio / SN Servicing Trade Desk

Play Episode Listen Later Dec 20, 2016 33:54

Welcome to Capital Markets Today and the IMN’s series of NPL & RPL Forum podcasts. Capital Markets Today listeners can use code SP20 for a 20% discount to IMN’s NPL/RPL Forum East being held on January 19-20th 2017 Researchers from the Urban Institute indicate more pools of non-performing loans need to be sold to private investors. Earlier this year, a report from the Urban Institute's Housing Finance Policy Center, stated that private investors can do more for borrowers than the government or large institutions, and is encouraging more NPLs to be sold to private investors. The report summarizes that private investors have greater flexibility to modify nonperforming loans and mitigate losses. As of mid-2016, HUD has sold more than 105 thousand NPLs and FNMA & Freddie have sold more than 40 thousand NPLs. These large transactions will feed the secondary and tertiary markets in 2017. Joining the broadcast today to discuss NPL trading is David Pollio, Managing Director of Acquisitions at SN Servicing. David Manages and Operates the SN Servicing Trading Desk. He has more than 26 years of experience in Analyzing, Negotiating and Acquiring Performing, Sub-performing, and Non-Performing residential and Commercial assets.

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IMN NPL/RPL Series - NPL Market - Tenebaum / Prosperity Investment Fund

JSEDirect with Simon Brown

Play Episode Listen Later Dec 14, 2016 32:11

Welcome to Capital Markets Today and the IMN’s series of NPL & RPL Forum’s podcasts. Capital Markets Today listeners can use code SP20 for a 20% discount to IMN’s NPL/RPL Forum East being held on January 19-20 2017 According to recent reporting, Fannie Mae and Freddie Mac have sold over 59 thousand non-performing loans with an aggregate unpaid principal balance $11.9 billion. With the addition of three months-worth of data, this bumped the number of loans sold up by nearly 18,000 loans and $3.4 billion from the previously issued data. The number of loans that resulted in foreclosure avoidance also increased within the three months over 5 percent from 12 percent to 17.1 percent as of August 2016. With the information FHFA has received with NPLs sold by December 31, 2015, the agency says that only 31 percent of the loans have been resolved. All this to say that the NPL market will continue to be brisk in 2017 via the primary, secondary and tertiary markets. Joining the broadcast today to discuss the NPL market is Jay Tenebaum, Managing Member & Director of Capital Investments of Prosperity Investment Fund. Prior to launching Prosperity, Jay was an attorney with over twenty years of debt collection experience.

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#230: Questions, questions, questions

Play Episode Listen Later Aug 31, 2016 24:31

Questions, questions, questions Simon Shares Metrofile (JSE code: MFL) results saw HEPS +4.6% (very modest) and the full year dividend 42.9% putting it on a dividend yield of some 6%. Wowness and why I own the stock, for the dividend. PPC nil paid letters (NPLs) started trading yesterday as PPCN. People are asking me what to do with them and I am sticking to my story. Shorter term after they convert we may get a bounce, longer term PPC has real risks and I would not want to be a holder. So short answer is sell. Bidvest (JSE code: BVT) results were weak with single digit HEPS growth of 2.5% while Bidcorp (JSE code: BID) had great HEPS growth. We know the story and why they split, one local one offshore. Nigerian GDP stays negative and country is now in a technical recession. More tough times for local companies operating in that market. I am being asked if I am selling the gold stocks in the momentum portfolio? The answer is no, it is a rules based system and we follow the rules. GIVRES has done an amazing 99.5% in the last year, Kristia reviews the ETF and get expert commentary from Petri Redelinghuys. Next Thursday we have a JSE Power Hour, online or at the JSE in Sandton and we're going back to basics - always a good place to revisit. The topic is wealth creation 101 and is presented by Simon Brown. The second part of the Trading Master Class with IG is online, dealing with an index trading system. We Get Mail George I am 25 years old. I own DBX trackers for EUR, US and JAPAN as well as Ashburton Midcap (thanx to your lazy system). I now have an additional R10k to invest in my TFSA. I know what you would do: DBXWorld and a Top40 ETF. But my thinking is that I already have enough exposure to the world and instead of doing an SA top 40, maybe I should invest in an ETF that generates me dividends/interest for the long haul. This seems like a smart idea to a youngster like me. But being a youngster, my ideas are often not the smartest. I am currently thinking of investing in the Coreshares Preftrax ETF and/or the Proptrax Ten. Is this idea smart? If you were me, what would you do with the 10k? Ernst South Africa's economy is not looking great at the moment, Gordhan, the rand, junk status. I would like to know if one should invest now in Top 40 ETFs or wait it out till these things happen and everything might be cheap (the value of shares ). Not sure how to use my X amount of money in this time. Jing I have had a look at your portfolio and frequently watch your shows. A lot of it seems to be geared towards having offshore exposure and selecting shares with offshore operations. I am currently contemplating investing in developing/emerging economies namely India and China as I feel there is a lot of upside given the size of their economies and high growth rates relative to the rest of the world. I was wondering whether you had any insights on whether this would be a good move at present. Furthermore, are there any funds in South Africa that could give me such exposure to the Indian or Chinese stock exchanges? I know that there are a few shares on the JSE that have interests in China such as Naspers in Tencent holdings, but I am looking at having a broader and more direct exposure to these markets. John Hi again Simon, the Stop Losses I have difficulty with are not in Trading but in Investing which are not the same as far as I'm concerned. Trading is far more hands-on. Have lost heavily with CCO & BAT post Brexit & realise I must be far more ruthless but am still unsure as to where I should have placed my SL's. Marcia I am worried about the Rand and it weakening a whole lot suddenly. How can I protect against this? Sylvester I don't have time to do trading but I want to invest, do I buy and hold ETFs or I look for someone to trade for me. JSE – The JSE is a registered trademark of the JSE Limited. JSEDirect is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.

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#387 - "Financial Emergencies, Technical Glitches & Bailouts"

(URR NYC) Underground Railroad Radio NYC

Play Episode Listen Later Jul 15, 2016

Truthunvieled777 The ANTICOINTELPRO Show: RED ALERT! The Economic Collapse Is HERE!!! Just recently, the Bank of Ireland has experienced a Ã¢??technical glitch,Ã¢?? affecting customersÃ¢?? access to their bank accounts and ATM withdrawals. But Ireland is not the only country that has been experiencing banking problems and Ã¢??technical glitches.Ã¢?? In fact, for 2016 alone, there have been many reports of banking glitches and other Ã¢??technical problemsÃ¢?? when it comes to the banks in these following places: England; Scotland; India; and America. We also canÃ¢??t forget about Italy either. Because there have been several reports of bank runs, ATM shutdowns, and struggling banks that are trickling all over Europe. In fact, the International Monetary Fund (IMF) has urged action on ItalyÃ¢??s retail investorsÃ¢?? bank bail-in, noting the Ã¢??very highÃ¢?? levels of NPLs. Reforms have been made for economic stability in Italy, along with Austria, who has just recently enacted bail-ins next to Cyprus. At least, thatÃ¢??s what theyÃ¢??re TELLING us... And if that wasnÃ¢??t bad enough, the chief economist of the Deutsche Bank, David Folkerts-Landau, has called for 150 BILLION bank bailout for European Banks, and has even stated: Ã¢??Europe is extremely ill.Ã¢?? When it comes to the economy outside of Europe, much of the world is also in major need. Especially Brazil, whoÃ¢??s governor of Rio de Janeiro, Francisco Dornelles, has recently declared the city to be in a financial state of emergency Ã¢?? only days before the Olympics and Paralympics are to take place there. Couple that with all of the economic instability in Greece, Portugal, Spain, Japan, China, and many other places Ã¢?? and it looks as though the economy will soon topple worldwide. Although we DON'T know WHEN, we DO know that it will be SOON! PREPARE ACCORDINGLY! SEE THE WARNINGS SIGNS AHEAD OF TIME, AND AS ALWAYS, SEEK YAHUAH AND HIS TRUE SON YAHUSHA Ã¢?? BEFORE ITÃ¢??S TOO LATE!!!!!!! ALSO SEE Ã¢?? Your 72-Hour Warning For Martial Law: https://youtu.be/_d2J4jHmEL8 ALSO SEE Ã¢?? More Banking Glitches! https://youtu.be/rK28AGtBcaM ALSO SEE Ã¢?? Learn More About Bail-Ins: https://youtu.be/CyhVVATm-ws ALSO SEE Ã¢?? Bail-Ins In Austria: https://youtu.be/ykPfWazMZf0 LEARN MORE! Ireland Independent: http://www.independent.ie/business/ir... Journal: http://www.thejournal.ie/bank-of-irel... Journal: http://www.thejournal.ie/bank-of-irel... Italy Bloomberg: http://www.bloomberg.com/news/article... IWB: http://investmentwatchblog.com/a-run-... Express: http://www.express.co.uk/news/world/6... BBC: http://www.bbc.com/news/business-3670... The Guardian: https://www.theguardian.com/world/201... Deutsche Bank Zerohedge: http://www.zerohedge.com/news/2016-07... Welt: http://www.welt.de/finanzen/article15... Brazil The Guardian: https://www.theguardian.com/world/201...

AIPIS 144 - Investing in Distressed Assets with American Home Recovery Fund's Marc Gold

Accredited Income Property Investment Specialist (AIPIS)

Play Episode Listen Later May 13, 2016 24:01

Marc is the founding partner and managing director of both the American Home Recovery Fund and NoteWerx, the cutting-edge note portfolio management cloud ware. Marc brings over 20 years of senior management and transactional experience in the paper business of mortgage banking and real estate. Marc co-founded American Home Recovery Fund, a multi-million dollar private equity multi-fund, whose primary mission is to purchase NPLs and modify the current borrowers. With the expansion and success of the fund's business, AHRF developed their own note portfolio management platform, but when it became clear that their software filled a huge void in the note space, NoteWerx was born and turned into its own business channel. Marc also serves as president of American Home Veterans, a non-profit organization in formation to convert distressed housing assets into donation homes and provides sustainable housing for our nation's disabled veterans. Key Takeaways: [2:08] How the American Home Recovery Fund buys distressed assets but tries to keep people in their home [5:03] Why investors are crossing over into new territory when traditionally they've specialized [7:33] Why banks are selling the notes rather than collecting the money from borrowers themselves [9:32] Why banks haven't gotten more organized since the housing collapse [11:34] What kind of inventory is still available on the market [15:02] Great properties available in middle America [17:49] Where Marc sees the market going in the next few years [19:24] If the Dodd-Frank revisions have impacted his business Websites Mentioned: www.ahrfund.com www.note.guru

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CI 49 - Investing in Distressed Assets with American Home Recovery Fund's Marc Gold

The Commercial Investing Show

Play Episode Listen Later May 13, 2016 23:41

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Partnering With Non-Profits To Buy NPLs and REO - Hayes, Southside Community Dev

Play Episode Listen Later Feb 2, 2016 32:29

The non-performing loan market has swelled in the past few years. Several billion are sold every quarter just from the GSEs and HUD. However, the secondary market has become very competitive and buyers need unique strategies and partnerships to acquire notes at more competitive price. Aligning with a non-profit can be beneficial to both the investor and the non-profit. Many loans are sold from HUD with specific outcome requirements that create a unique secondary market for the right partnership. Joining the podcast is Tim Hayes with Southside Community Development. Tim works to partner investors and non-profits together in order to become qualified buyers NS Capitals non-performing loan and REO portfolio.

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NPL Market & The Distressed Residential Mortgage Summit - Andrews, CEO DBI

new york market finance real estate summit investments analysts mortgage founder ceo andrews residential fitch fdic distressed npl housingwire gses npls peter andrews

Play Episode Listen Later Sep 10, 2015 37:16

According to a recent article in HousingWire, the recent push by Fannie Mae and Freddie Mac to offload pools of non-performing loans sales will increase the depth of the distressed residential mortgage market, which could have positive implications for banks seeking to sell their own non-performing loans. Fitch analysts believe that residential mortgage NPLs are far less of a threat to the GSEs and banks than they were five years ago, but note that 90-plus day past-due loans are still elevated relative to historical averages and relative to their contributions to total NPL levels. Analysts believe this implies that both the GSEs and the banks remain motivated sellers of NPLs. According to Fitch’s data, FDIC-insured banks held a total of approximately $61 billion in 90-plus days past due one-to-four family mortgages at the end of 2014 compared to Fannie and Freddie who held about $86 billion of 90-plus day delinquent loans. These conditions make a robust NPL market a real possibility for the balance 2015 and beyond. Joining me today to discuss Distressed Mortgage Trading is Peter Andrews, Founder & CEO of Dreambuilder Investments, a private investment firm specializing in the acquisition, management and liquidation of defaulted residential mortgages. Peter is responsible for management of the firm’s trading activities and the continuous design and development of Dreambuilder’s proprietary, asset management platform. Peter is also Chairman of the upcoming Distressed Resdiential Mortgage Summit to be held in New York on Sept 30th through October 1st.

Benjamin Fanger: Ballooning Bad Loans In China Are The Next Great Opportunity

China Money Podcast - Video Episodes

Play Episode Listen Later Jul 22, 2014 5:08

In this episode of China Money Podcast, guest Benjamin Fanger, co-founder of Chinese distressed debt investment firm Shoreline Capital, talks to our host Nina Xiang about the changes he saw in the distressed debt investing space over the past ten years, where he sees future opportunities, and how his firm controls downside risks in a highly specialized investment arena. Read an excerpt below, but be sure to listen to the full episode in audio. Don't forget to subscribe to the podcast for free in the iTunes store. Q: Can you first give us some background on Shoreline Capital? A: I co-founded Shoreline Capital with my partner, Zhang Xiaolin, in 2004 when we were still studying at the University of Chicago Booth School of Business. Currently, we manage around US$650 million investing in distressed debt in China, with over 30 people in the company. Q: And, you are currently raising a third fund with a US$500 million target? A: That's correct. Q: During the past 10 years, how has the distressed debt investment space changed in China? A: It has changed significantly. Back when we started the firm, it was not clear what would happen in courts if you were trying to enforce debt. Since that time, the legal environment has improved significantly. The types of investments you can do have also expanded. Ten years ago, there were probably opportunities only in the non-performing loan (NPL) space. Today, there are other types of investments given the decelerating economy. Q: How has China's legal environment improved, specifically? In 2007, China enacted a new enterprise bankruptcy law, but the new law hasn't been tested that much? A: I think the more relevant laws for what we do are creditor rights enforcement, not bankruptcy laws. Creditor right enforcement in China has much more predictability nowadays than before. Let's say if you could do ten things in courts in London or New York to enforce your rights as a creditor, you could only do three things with predictability in China ten years ago. Today, you could probably do four or five. Q: Can you give an example of the things you can do now but couldn't before? A: I'll first say some things that a creditor has always been able to do in China. They include doing searches for titles of a borrower's assets, putting liens on those assets, and taking the borrower to court. You could also auction certain types of assets off the borrower, things that are not sensitive in the eyes of the local government. An example of some new things you can do as a creditor in China is pursuing fraudulent conveyance. In a developed court, if a borrower transfers all its assets to another borrower, creditors can sue that (second) borrower as well. Ten years ago, courts in China were not very familiar with fraudulent conveyance. But today, it's more predictable to pursue this in Chinese courts. Q: But there are still many things beyond your control. How do you manage that risk? A: We price those things that we cannot do with predictability in Chinese courts to zero, and give value to the few things that we can do. But in some cases, Western courts would be less predictable than in China. Let's say I have a borrower who has defaulted on a loan. I have a complete set of loan documents that I have bought from the bad banks in China. If I go through due diligence and find that the borrower owns an office building, but it's not my collateral, then I can go to a court in China and do a pre-trial attachment of that asset and essentially become a secured creditor. In essence, putting a second-lien on that asset. This is a very predictable process in courts in China. But this process could be quite difficult if there are counter-claims or other complications in courts in developed markets. Q: Your business initially was to invest in NPLs in China. Can you explain how did it work? A: We would buy a portfolio of NPLs from the Asset Management Companies (AMCs),

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Interview with Co-founder of Tech Start-up Karl Falk of Short-Save.com

Note Buying Cash Machine with Amed Hazel

Play Episode Listen Later Jul 22, 2014 18:14

Karl Falk is the Co-Founder, Chairman and CEO of tech start-up ShortSave Inc. A vision of his that the default industry should be more responsive and efficient in this day and age. ShortSave gives agents and borrowers power to digitally collaborate together with lenders, receiving decisions on short sales, loan modifications and Deed in Lieu transactions in a very short period of time. Leveraging strategic industry relationships ShortSave reduced significant friction points, along with emphasis on data and decision criteria; position ShortSave to be a future standard in the default industry. Karl started in the default industry in 2006, and has been the CEO of Summit Mitigation Services (SMS) since 2010, headquartered in Colorado. SMS is the nation’s leader in Non-Performing Loan (NPL) negotiations, technology and advanced learning to real estate and banking professionals across the United States. Using his extensive industry experience, Karl provides thought leadership and insight to shape National NPL Policies. Currently, he is providing insight to large national providers/vendors and hedge/private equity funds on how to best manage NPLs on a national scale. In 2012, he was named one of the “Top 5 Most Influential Young Professionals” by ColoradoBiz Magazine and was named a “Rising Star” by the Colorado Springs Business Journal in 2013. Karl is a Graduate of the United States Air Force Academy, a Football Alum, an Eagle Scout and has been honored by President Clinton in the Oval Office. He is a husband and father of three and calls home in Colorado.

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D'Vari/NewOak Cap., ARMS In Play, Why FNMA Not Selling NPLs