Spain's "bad bank", not only have to sell property loans and unnecessary deterioration of housing, from the country's rescued lender - it must first find them.
51 one billion euros ($ 66 one billion) of property loans and building some industries into state-run vehicle cleaned review has found incomplete records, including dozens missing addresses, three sources familiar with the process said tracts.
Key error homes have also been sifting through the assets and value of the property they hired lawyers and expert team challenge, the two sources said.
Administrative muddle postponed the sale of assets, risks, and ultimately how much money, called Sareb, bad banks from the real estate collapse, driven in many countries in Europe bailout banks need to be able to save.
Belem Rome, who presided over the Sareb, bad bank said this week that it has sold 1 June only 700 properties. Its goal is to sell 45,000 years, and its goal is, in its 15-year lifespan of 13-14% annual return on equity.
"Front Office Sareb looks like a commercial bank with pinstriped suits and nice tie man, said:" The real estate agent familiar with the organization, which is trying to seal its first major sale of portfolio investors.
"But behind the scenes ...... your troops are in the warehouse scanning and archiving documents and sort data tapes of people, which is a mess."
Sareb declined to comment.
Wrong key
Sareb about 107,000 and 90,000 property loans from nine banks rescued lender Bankia (BKIA.MC) and Barcelona's Catalan BANC FROBNC.UL, these banks still have contracts to manage the assets.
The loan is linked to another approximately 400,000 property as collateral or tracts of land, two sources said, hundreds of thousands of those who lack the proper address, hindering the valuation process.
"We have some '4 C 'address as the registered address, and in Spain a very common street name," a source said, speaking on condition of anonymity.
"You could get 150 of assets and address, and then realize that they are one and the same apartment hotel," added the source.
Review of the valuation of collateral has been postponed for a few weeks in the process, sources said. 13 companies, including law firms, property consultants and accountants, law firm Clifford Chance, led by a working process.
"There are instances where people involved in the bank to check on one of the properties and give the wrong key, or been told there is no one living there, came in, was" familiar with the process of the third source said.
Binding bids for sale Sareb first property portfolio of about 100 million euros, is due to close in mid-July this case, the source said.
U.S. fund Lone Star, Cerberus Capital Management and Apollo Global Management (APO.N) are those that are still in operation, the source said.
 



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