EBS Commercial Mortgages - Lonestar

[WizardDr]

Did Lonestar take over EBS commercial mortgages?

Are they a regulated entity?

 

[Brendan Burgess]

Yes, AIB sold the EBS loans to Lone Star.

Lonestar is not regulated

Sinn Féin's Pearse Doherty has raised the issue in the Dáil.

Covered very well on NAMA winelake

Here is the Minister's reply to Deputy Doherty's question:

AIB has informed me that EBS Limited has contracted to sell to Vesta Mortgage Investment Limited, (an affiliate of Lone Star), approximately €660m nominal of loan assets as part of its continuing strategy to meet its non-core deleveraging targets. The portfolio is primarily comprised of non-core Irish commercial real estate loans originated by EBS Limited.

...
The loan terms and conditions of Borrowers whose loans form part of the sale remain unchanged and are not impacted by the sale of their loans. The Purchaser is not a regulated entity. It should be noted that this portfolio principally comprises commercial real estate loans which are not subject to the same level of regulation that applies to home loans.

 

[mrbea]

Yes, AIB sold the EBS loans to Lone Star.

Lonestar is not regulated

Its not surprising the EBS is trying to distance itself from some of its huge mistakes made back in the day.
Wonder what this means or may mean for those who may have, for example, buy-to-let loans with EBS. Some would argue that "in the day" the EBS were not always regulated either!
Wonder will Lone Star or the EBS write to the borrowers. Wonder will Loanstar try to do deals and exit again quick where possible. Interesting times.