€670m in mortgages to be sold

More than €670m worth of Irish mortgages are to be sold to a US-based private equity firm for an undisclosed sum.

€670m in mortgages to be sold
Tue, 16 Sep, 2014 - 01:00
Peter O’Dwyer

South African investment bank, Investec, yesterday announced a deal to sell its sub-prime mortgage business Start Mortgages to an affiliate of Lone Star Funds which is headquartered in Dallas, Texas.

The deal includes the transfer of Start’s 3,700 mortgages to Lone Star, as well as an additional €100m worth of mortgages held by Nua Mortgages.

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CourtsPlace: USPlace: Dallas, TexasPerson: Ross MaguirePerson: MaguireOrganisation: InvestecOrganisation: Start MortgagesOrganisation: Lone Star FundsOrganisation: StartOrganisation: Lone StarOrganisation: Nua MortgagesOrganisation: Kensington Group LimitedOrganisation: Oaktree CapitalOrganisation: New BeginningOrganisation: Loan StarOrganisation: Central Bank
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