Cushman & Wakefield Advises on $526-Mil Mexican Loan Sale

NEW YORK CITY-Mortgage loan portfolios originated by five Mexican banks have been sold to four Mexican entities and one based in the US. Cushman & Wakefield acted as financial advisor in the transaction. The aggregate unpaid principal balance of the sale was about $526 million, and average gross sale proceeds exceeded 28% of the principal amount.

Conducted under the auspices of Mexico’s Institute for the Protection of Bank Savings, the successful bidders were Solida, Asesoria y Servicios Corp., Servicios Corp. Serfin, Operadora Auritec, which took two pools, and Lone Star Acquisitions LLC. The portfolio was sold by Banca Serfin, Banca Cremi, Banco Obrero, Banco Oriente and Banco Union. IPAB was established two years ago by the Mexican government to set up a system that protects bank savings and to administer the sale of assets under its control.