Working on an assignment for class. Does anyone know of any interesting Distressed Debt/NPL case studies, deals, or anecdotes in the real estate space?
Please share. I've done some googling but figured I might be missing something.
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Might be interesting to include an international NPL prospective i.e. Historically high Greek NPL levels not too long ago
Guess it's still the case:
http://www.ekathimerini.com/225037/article/ekathimerini/business/half-o…
You could look at a time seried of CMBS filings for troubled loans in oil and gas producibg areas of the US. Kroll did a report on affected CMBS issues, you could pick a loan and track it from securitization to resolution.
I was interested in the same topic recently and found this article. http://scholarship.sha.cornell.edu/cgi/viewcontent.cgi?article=1041&con…
Maybe you can help me make sense of the workout strategies they listed on page 7
Case Studies, books, resources for learning about Distressed RE and NPLs? (Originally Posted: 02/23/2017)
As the title says,
I have an interview coming up with a distressed PE firm dealing mostly with NPLs. Does anyone have any useful resources (books, sites, case studies, models, etc) that can help me get up to speed on the deal process, modeling and mechanics?
Thanks!!
I came across this website and podcast, scrappy guy running it but has some good insight/interviews to industry, google capital markets today.
Models at the firm I used to work at were super simple NPVs based on three different scenarios; bankruptcy, foreclosure and workout. Valuations would feed into the foreclosure scenario (probably the most important part). Lot of arbitrage in the field and you can learn a lot but NPLs get super gritty. Ive heard there are some firms that also dont dive into it per asset level, probably a good interview question to ask if they look at thinks at the asset or portfolio level (or maybe you can tell by job description). Big players in the space are Fortress, Starwood, LNR, CW on buy side, advisory is Mission Capital Advisors, HFF, CBRE (great loan sales group ), and every once in a while Debtx had some cool stuff. Also depending on deal size I would sway away from the Asset Managment side.
Thanks so much.
The firm is actually more like Carlyle, the analysis will be heavy on the asset-level. Sorry if this is a dumb question but how do foreclosure and bankruptcy differ in terms of real estate?
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