Omega Commercial Finance announced it will be launching a commercial real estate pooled fund focused on distressed European commercial real estate mortgages in select markets such as Spain, Italy, Ireland, Greece, and London. The proposed fund is to be called the Omega EU Fund II L.P. and is expected to launch sometime in the second half of this year.
The company is taking advantage of what it believes is a great opportunity created by the European banking community. The banks have accelerated the pace on loan modifications and disposals of distressed commercial property loans in order to clean up their beleaguered balance sheets. To date, assets sold or refinanced represent only 20%-25% of banks’ overall loan reduction target. This process ongoing in Europe is somewhat similar to what U.S. banks did after the 2008 financial crisis.
Omega’s vice-president of lending, Holly Leide, has so far assembled six refinancing requests consisting of modified mortgage loans totaling $15 million. All of these loans originated from the Bank of Ireland and meet the proposed fund’s two main underwriting characteristics, which are those having low loan to values with high debt service coverage.
Omega Commercial Finance is a financial services holding company with about $150 million in assets under management through its interest in VFG Securities and VFG Advisors with its principal companies operating in the commercial real estate, finance, and capital markets sector. For additional information about Omega Commercial Finance, please visit www.omegapublic.com
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