SOREC Srl, an independent servicer operating in the out-of-court and in-court management of non-performing loans, announces the acquisition without recourse from AXACTOR CAPITAL ITALY Srl of a portfolio of retail loans, consisting of more than 1,500 positions, for a total gross value of €12 million. SOREC completed the purchase as Junior Note Holder and Special Servicer of the DOLOMITI S.P.E. securitization company. The portfolio consists of retail Non-Performing Unsecured loans originated by a major Italian financial company.
The transaction, called “Operation Barolo”, was finalized through the BlockInvest platform, already the provider of the first Italian “tokenized” transaction.
Thanks to its innovative infrastructure, the platform is able to represent the underlying portfolio on the Blockchain
Thanks to its innovative infrastructure, the platform is able to represent the underlying portfolio on a Blockchain registry, allowing the digitalization of the buying and selling process, significantly increasing transparency and efficiency.
All collection activities for the more than 1,500 positions that make up the portfolio will be managed directly by SOREC itself.
“SOREC has been active for 30 years in the out-of-court and in-court management of NPL, especially financial and banking ones. With this latest transaction, not only the strategic partnership between SOREC and AXACTOR is strengthened, but we are also looking to the future of the sector with the adoption of the most innovative technologies” comments SOREC CEO Massimiliano Ingrosso.
“The innovative solution, based on blockchain technology, will open up a new phase of the financialization of illiquid assets through the creation of innovative financial instruments that can be safely traded globally” says Lorenzo Rigatti Co-Founder & CEO BlockInvest.