Expert: Lots of vulture offers but no mortgage refinancing to secure deals

Michael Dowling, chair of the mortgage committee at the Irish Brokers’ Association, said vulture funds who bought billions worth of distressed mortgage loans at heavily discounted rates in recent years were now looking to cash in on increased levels of property values by offering deals to borrowers. Citing a letter received by one of his clients, Mr Dowling said Tanager, a unit of equity fund Apollo, had offered a discount of 40% from the mortgage debt.
However, few borrowers would be able to refinance their loans with the small roster of Irish lenders that survived the shake-out of the financial crisis because lenders won’t take on borrowers with arrears.