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Mount Street named “Loan Servicer of the Year” for 2018:
Growing the volume of its loans under management by 40 percent to €70 billion in 2018 was “a big achievement”, says Mount Street co founder Paul Lloyd. A lot of business was generated by securing mandates to service large volumes of loans written by lenders eager to put capital to work in anticipation of issues arising from the UK’s exit from the European Union.
Mount Street also capitalised on the new wave of CMBS deals by winning servicing contracts on 80 percent of new European issuance last year, as well as taking over mandates including the Fortezza I loan in Windermere X, which was transferred to the firm from Situs.
Technology has also been a focus: “We have invested in proprietary technology that allows clients to dial into their data online, enabling users to better manage the risk profile of their portfolios,” Lloyd says. The portal was initially designed for shipping whole loans – a product area the servicer has diversified into in a major way, though CRE remains its core business.
Expanding into the US last year, where it now holds a rating, was “monumental” for Mount Street, says Lloyd. Its servicing portfolio currently amounts to $10 billion and Lloyd sees the market as a big growth area for the company.
A further landmark deal in Europe was Mount Street’s involvement in the first sale of a secured loan portfolio by a Greek Bank: Project Amoeba. It acted as Bain Capital’s buy-side lead underwriter and is mandated to work out the largest exposures in the 1,700-asset portfolio.