Venta y gestión de carteras de activos crediticios y propiedad inmobiliaria bajo el marco de fideicomisos de titulización
Published date | 16 September 2022 |
Law Firm | Rubio Leguía Normand |
Author | Carla Navarro |
Sumilla
El presente artículo pretende analizar los procesos de venta de carteras de activos crediticios y propiedad inmobiliaria por parte de las entidades bancarias a favor de inversionistas, quienes pueden recurrir a vehículos sofisticados de inversión como los fideicomisos de titulización, donde las carteras sean administradas por gestores expertos, y en relación con otros actores a considerar.
1.Venta de carteras de activos crediticios y propiedad inmobiliaria
Entre las distintas categorías de activos crediticios se encuentran aquellos al corriente en los pagos (performing loans – PLs) y los que han caído en mora (non performing loans – NPLs). Asimismo, cada uno de estos créditos puede contener dos categorías: los que cuentan con una garantía hipotecaria (secured loans) y los que no (non secured loans). Finalmente, se tienen los inmuebles adjudicados después de un proceso de ejecución hipotecaria (real estate owned – REOs).
Al respecto, los bancos descargan sus carteras de activos crediticios (principalmente NPLs con garantía hipotecaria) y REOs con otros inversores, permitiendo “reducir el impacto negativo de estas carteras en la cuenta de pérdidas y ganancias y en los ratios financieros en la entidad, así como en los índices de morosidad, mejorar su liquidez con la entrada de caja adicional y reducir los costes de gestión de estos activos”. [1] Esto genera un beneficio en el mercado, asegurando el crecimiento de créditos hipotecarios en un largo plazo.
Si bien este tipo de operaciones se vienen publicitando a nivel internacional, ahora es posible revisarlas, además, de cara al impacto de carteras morosas en la futura era post pandemia por el Covid-19. [2] Y en el Perú, no debiera ser la excepción, donde la experiencia bancaria de venta de carteras a inversionistas internacionales data de menos de 10 años.
El proceso para llevar a cabo estas transacciones permite reflexionar sobre el cada vez mayor involucramiento de los principales stakeholders y su “comprensión del negocio para poder establecer los vehículos locales más eficientes para inversores extranjeros, contratos de compraventa con la incorporación de representaciones y garantías que cumplan los estándares internacionales y el desarrollo de Asset Managers especializados con presencia regional y experiencia internacional”. [3]
No obstante, luego del cierre, surge y se consolida la labor de gestión de carteras de activos crediticios y propiedad inmobiliaria, mediante la interacción con otros actores, quienes juegan un rol importante en la consecución de los objetivos trazados en las inversiones.
2. Fideicomisos de...
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