Santander, Blackstone y Pollen impulsan la venta de créditos morosos a particulares

Three major servicers, Santander, Blackstone, and Pollen Street, are currently selling over 4,300 distressed loans to individual investors through open digital platforms. Investment firms and banks are driving the sale of these delinquent credits to private clients via their respective real estate servicers. Since last year, companies like Diglo, controlled entirely by Santander, Aliseda (Blackstone), and Hipoges (Pollen Street) have begun promoting this investment asset among retail investors, previously reserved only for institutional players due to its high complexity.

The trend towards private sector participation in this market has grown due to advancements in technology and the development of digital platforms enabling transactions with anyone. Currently, the three servicers have more than 4,300 delinquent loans available for purchase. Most revenue still comes from professional investors, with a smaller share coming from retail buyers.

According to industry sources, only less than 15% of sales through the digital platform are formalized with retail investors. Servicers emphasize that transactions with consumers include additional safeguards. The push for digital channels is driven by the increasing interest in this credit profile from various types of investors.

The servicers are not the owners of the loans and act as managers for their clients (promoters, funds, financial entities, etc.). In the case of Diglo, the delinquent loans available for sale are owned by both Santander and other external clients. To make the purchase through the website, consumers can consult available loans and express interest via the platform.

Afterward, a manager contacts the potential buyer to address questions and provide necessary information and documentation after signing a confidentiality agreement. If the submitted offer is approved by the loan owner, the transaction is formalized through a public notary's office and the corresponding procedures, including the registration of the mortgage guarantee in favor of the new owner.

During the sale, the real estate managers include a legal notice specifically aimed at consumers who are not professionally or habitually involved in purchasing this type of product due to its complexity and risks. They recommend seeking legal, financial, and tax advice from qualified professionals and passing a suitability test at the right time.

Servicers warn that the advertised assets in their websites are not the properties themselves, but the loans guaranteed by them. Therefore, buying a delinquent loan does not guarantee the acquisition of the property at the end of the legal process, they caution. Among the advantages of investing in delinquent credits, they describe that generally, the purchase price of a NPL (non-performing loan) is lower than the outstanding debt.

Consequently, faster recovery of the debt without the need to execute the mortgage guarantee offers the possibility of recovering a final amount above the purchase price of the NPL, they note. In cases of forced repossession of the mortgage guarantee, investing in the purchase of an NPL may have the potential for higher profitability if the amount received by the executing creditor is greater than the purchase price of the NPL when reselling the property later. The process involves notary and registry fees among other costs.