Cereberus snaps up €300m of impaired loans in deal with AIB

Cerberus, the US vulture fund at the centre of a controversy over its Irish dealings, has now closed a deal with AIB for €300 million worth of toxic debt. Subsequently, this will have major repercussions for borrowers in both Northern Ireland and the Republic of Ireland.

These loans are secured on commercial, residential and development projects that are deeply distressed and which have been deemed by AIB to have extremely low levels of engagement from the debtors involved. It has also been established that no family home mortgages are included in the sale.

Are there more sales to follow? Yes, more are planned by AIB and other lenders into Ireland and the UK. Watch this space as we are tracking the Loan sales.

What can I do now?
If you are an AIB / FTB account holder it is likely if you haven’t already been notified by the bank that your loan is being sold, that you will in the next few weeks.  It’s now fundamental that if you do happen to be included in this sale, you take the appropriate action to ensure that any outcome of the new process is favourable to you and your family.

It is essential that you are fully prepared and have the necessary funding in place to deal with any enforcement of loans or calls on personal guarantees and asset sales. It is important that you ACT TODAY to deal with this eventuality.

It is highly likely that anyone who is affected by this has not engaged with the bank over the last couple of years or if they have, they have found the bank pedestrian in nature and difficult to make progress with. This will all now change with the Private Equity Company taking the lead, engaging with borrowers within the first couple of weeks in an effort to determine what their plans may be.

Subsequently, it is very important to take advice in this regard from a regulated team of debt advisors to plan for the future, and the time to act is now.

What we can do to help?
Since 2010, GDP Equity Experts have helped 100’s of families, individuals and businesses deal with debt related issues. We have been leading the way in this specific matter over the last few years and have particular expertise in dealing with private equity funds.

We would like the opportunity to share this with you. As a result, our team are more than ready to engage and assist if you have been affected by this or you have any other property debt related issues.

GDP Equity Experts know what is expected and how to get you to where you want to go.  We WANT to hear from you today because we WANT to help you today.

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