Monday, April 15, 2024

Mortgage portfolio overview (February 2023)


The second month of 2023 produced the bottom mortgage origination quantity we’ve seen within the final 12 months, with €6,5M price of loans. Regardless of that, the entire historic financed mortgage quantity has reached €700,0M, out of which €406,3M has been repaid. As in January, Estonia and Lithuania each accounted for a 3rd of the entire quantity, adopted by Finland and Latvia. Though there are mortgage requests from Germany, we aren’t taking up new tasks from that market, whereas we as a substitute deal with recoveries.

 

February noticed €6,1M price of repayments. The typical return was 7,5% with a complete of 67 loans (together with stage loans) repaid.

In Latvia, €0,6M price of principal and three mortgage tasks have been recovered with constructive returns to buyers throughout the previous month. Mortgage mission #2501 was funded in mid-2018 with a default date one yr later. Restoration was delayed as a result of a hostile borrower, the liquidation technique of the borrower, and the placement (border city Valka), however with the assistance of our exterior debt assortment accomplice, Conventus, we managed to take over the property and ultimately promote it.

A constructive was that the tenant of the property paid all the prices, and the property was properly maintained throughout all these years. Two different tasks (Marsa Gatve Bridge Mortgage and Zvaigznaja Bridge Mortgage) have been funded in Could of 2018 and defaulted in September of 2020. The property have been bought at public sale, and we managed to cowl a part of the loans from the borrower’s different property.

We’ll maintain you knowledgeable in regards to the credit score portfolio high quality month-to-month.

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