AIB is selling up to 650 distressed mortgages as a part “ethical” loan sale, the first of its kind undertaken by a lender in the Republic, in the coming days.
The portfolio of non-performing, owner-occupier mortgages dubbed Project Iris had an original value of €150 million.
Loans will be sold as a unit to an “ethical” finance house or debt charitable organization, which will work to find a customer-friendly solution to the arrears problem.
The two ongoing bidders are mortgage promoter David Hall of the Irish Mortgage Holders Organization and UK debt investor Air Global and London-based investor LCM Partners which is approved here by Home for Life Group.
Both entities have access to the state’s mortgage-to-rent scheme, which allows distressed ers to surrender their homes but the social housing remains on the property as a tenant, with the option to buy back the property at some future date.