Categorized | Commercial

Final Bids Made for Anglo Irish Property Loans

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Both JPMorgan Chase, and Wells Fargo have put in their final bids for Anglo Irish Bank’s share of performing United States property loans. The total amount in loans that they are looking to purchase is roughly nine and a half billion dollars.

The two major United States lenders are not the only two companies looking to purchase the property loans from the Irish bank. Both Blackstone Group, and Lone Star Funds have also submitted offers. It has not yet been announced as to which company submitted the largest offer, though those details may surface in the near future.

These property loans have been put up for sale by the Irish bank as a result of its seizure by the Irish government more than two years ago. The Anglo Irish board of directors have not yet decided upon the various bids received, but they will begin doing so in the next few days. Neither JPMorgan Chase nor Wells Fargo has made clear the intentions of their bids, though it is widely believed that they will look to sell them off as bonds if there is enough investor demand for commercial backed securities.

This is not the first time that Wells Fargo has purchased property loans from an Irish bank. They also bought twenty-five loans totaling over one billion dollars earlier this year from the Bank of Ireland. Those property loans were for commercial properties in such major cities as Boston, New York, and Washington DC. Wells Fargo, along with Blackstone Group, also purchased loans from Allied Irish Banks.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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