37919-014: PHI: NHMFC's DISPOSAL OF NON-PERFORMING LOANS

Project Data Sheet (PDS): Overview


Description

The National Housing Mortgage Finance Corporation (NHMFC) disposed of a portfolio of non-performing mortgages (Portfolio) through a competitive auction process. On 18th of May 2004, DB Real Estate Global Opportunities IB, L.P. (DBGO) emerged as the winning bidder. DBGO is a $360 million fund that invests globally in real estate and real estate-related assets, managed by Deutsche Bank AG. The Portfolio consisted of approximately 55,300 individual mortgage loans, secured by single-family homes located throughout the Philippines. The Portfolio loans had an aggregate outstanding principal balance (OPB) of P13.45 billion ($239 million). Balikatan Housing Finance (BHF), the Special Purpose Vehicle set up and owned by DBGO and NHMFC acquired the Portfolio and enter into a servicing agreement with Bahay Financial Services (BFS) for the servicing and resolution of the Portfolio loans. ADB's financial assistance includes: (i) a secured, non-recourse senior loan of up to $33 million equivalent to BHF, and (ii) equity investment of up to $1 million representing a 10% equity stake in BFS (the Project). Read More

Country Philippines
Borrower/Equity Investment Name
Project Number 37919-014
Project Type or Modality of Assistance PS
Financing Private sector (Nonsovereign)
Status Approved
Approval Numbers 7206/2155
Approval Date 17 Dec 2004
Geographical Location Philippines
Sector / Subsector Classification Finance
/ Housing Finance
Thematic Classification Economic growth
Private sector development
Safeguard Categories Environment: C

 

 

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Project Data Sheets (PDS)

Responsible ADB Officer
William Willms
Email contact

Responsible ADB Department
Private Sector Operations Department

Responsible ADB Divisions
Private Sector Investment Funds & Special Initiatives Div

PDS Creation Date
28 Aug 2006

Last PDS Update
16 Nov 2009

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