Silverton Group obtains loan servicing license from the Bank of Greece
Silverton Group, an integrated investment and asset management platform for commercial real estate and real estate-backed loans, has established a joint venture, Silverton Servicing Solutions S.A., with Panos Psomas, a local partner headquartered in the Greek capital Athens.
The new company has recently received a loan servicing license from the Bank of Greece, which enables the company to acquire and manage troubled Greek real estate, corporate and shipping loans. It will be supported by the expertise and back-office resources from Silverton's German team.
Speaking on the reasons for the expansion into the Greece market, Jascha Hofferbert, partner at Silverton, said: “The decision to become active in Greece, which was taken before the Corona pandemic began, is based on the fact that it is one of the countries in Europe with the most non-performing loans on its bank balance sheets. At the same time, there is a lot of pressure from the European Central Bank and the Bank of Greece to reduce them. As long-standing experts in this area, we see great potential. We have a track-record as a one-stop-shop for active, and new, national and international NPL investors.
"Many of our investors have bought in Greece and see the country as an exciting market. Macroeconomic data showed a positive trend before Covid-19, with some economic growth and a decrease in the unemployment rate. International investors, who had left during the Euro crisis, have also returned to the market and real estate prices are rising.
“While the extent to which a further market recovery will be delayed by the Corona pandemic remains to be seen, our exposure will not be affected by it," he added.
Silverton Servicing Solutions applied for a loan servicing license for Greece with the Bank of Greece, which regulates market access and approved loan servicers. Having secured the license the business now has the right to manage and work-out Greek non-performing loans. This applies in particular to corporate, real estate and ship loans. The company has to operate within the given guidelines of the Bank of Greece. In addition, the company must report in a defined cycle and format and meet various technical and organizational requirements.
The services provided by the Silverton Group include investment management and asset management of commercial property and loans secured on real estate; consultancy services for transaction and implementation in the areas of special situations, distressed debt and real estate; risk advisory services; and banking consultancy. Silverton is also one of the few loan service providers in Germany to have been granted a so-called payment licence by BaFin, the Federal Financial Supervisory Authority, allowing it to provide payment services. Silverton has offices in Essen, Frankfurt, Munich, Hamburg, Athens and New York. It is led by the managing partners Stefan Dölker, Jascha Hofferbert, Thoran Thegemey and Frank Wiedemann. Silverton currently manages assets worth around EUR 1 billion, including some EUR 450 million in real estate.