Capita has bought Barclays Capital’s commercial mortgage-backed securities (CMBS) loan servicing division.
The business will be integrated into Capita Asset Services, which is now
The investment bank put Barclays Capital Mortgage Servicing, which was formed in December 2004, up for sale in November last year.
The most recent evaluation from Fitch Ratings in November shows that BCMS’
The loans have been packaged up and sold on as bonds over the past five years by Barclays through its Eclipse securitisation programme.
It undertakes primary servicing – basic functions such as monitoring loans, collecting interest payments from borrowers and providing information to investors that bought CMBS bonds – and special servicing, the more complex and more profitable side of the business.
Accounts filed at Companies House show that BarCap Mortgage Servicing made a £722,605 pretax profit in 2009, from revenue of £11.1m.
It said it did not expect significant revenue growth in the future, because of the lack of new CMBS issuance. It added that revenue from existing loans will remain constant.
samantha.mcclary@estatesgazette.com and bridget.oconnell@estatesgazette.com
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