KKR, Tilden Park and Waterfall compete for CaixaBank’s bad credit

CaixaBank put for sale the Project MoMa, a portfolio of 5,700 problematic loans with a nominal value of 576 million euros. KKR, Tilden Park and Waterfall are the finalists of the bidding process launched by the bank.

Being advised by KPMG in the sales process, CaixaBank expects to close the deal before the end of the year.

The Project MoMa comprises 5,700 loans from 3,700 creditors who initially requested 576 million euros. The unpaid amount stands at 495 million and the portfolio is secured by 4,500 properties located mainly in Madrid, Barcelona and Seville. These properties are valued at 775 million, above the value of the loans.

The three finalists are the most active firms in this business after the outbreak of the pandemic. KKR manages all types of non-performing loans and real estate for third parties from the Hipoges platform. Tilden Park, for its part, last year closed the purchase of loans from Banco Sabadell. Finally, Waterfall, founded by former CaixaBank executives, bought mortgage loans from the Catalan bank at the end of 2019. The operation covers some higher quality assets – properties worth more than one million euros – in locations such as Mallorca, Boadilla del Monte, Pozuelo de Alarcón, the Costa Brava, Xàtiva and Barcelona.

Original Story: EJE Prime | News 
Photo: Caixa Bank website
Translation & Edition: Prime Yield