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Tagor Asset Management enters the non-performing loans recovery market of Romania


Tagor Asset Management launched a business in Romania that has as an objective reaching solutions together with banks on the issue of non-performing loans that block huge provisions, either through the acquisition and capitalization of the assets deposited as collateral or through the creation of mixed companies together with banks, a release of the company shows.

'With a total value of non-performing loans granted to the public and to companies estimated at around 10 billion euro, Romanian banks need to find solutions to reduce the provisions and sell the assets taken over on account of debts - a situation they can exit through the direct sale of the non-performing loans portfolio', the release shows.

According to the document, Tagor Asset Management, in partnership with Patron Capital and other funds, has the experience and the financial backing necessary and sufficient to acquire or administer the real estate assets that are in the banks' property so that their portfolios be expunged and the provisions recuperated.

'The biggest problem for banks isn't necessarily selling the thousands of apartments deposited as collateral for mortgage loans, but the collateral deposited for loans contracted by companies and I'm referring here to large plots of land, residential or commercial projects that are unfinished, production or logistic facilities that have a unique purpose and so forth', said Ofer Lieberson, owner of Tagor Asset Management (TAM).

According to the company's press release, for this type of assets strategies to grow the value of the assets are necessary - including through repositioning or development, if necessary, which implies the need for management services for the completion of objectives, marketing for sales, daily maintenance for the conservation of the assets' state, paying tax and security, utilities, etc.