DaviesTHE PORTFOLIO of non-performing loans held by FINSAC Limited through its subsidiary Refin Trust has been sold to Jamaica Redevelopment Foundation, Inc. a subsidiary of Beal Bank Inc. from the United States, Finance and Planning Minister, Dr. Omar Davies announced yesterday.
The portfolio of loans was acquired by the Beal Bank subsidiary for an initial payment of US$23 million on closing. The unpaid principal balance of the portfolio currently stands at just over US$393 million. FINSAC will become entitled to receive a percentage of all gross collections.
The collection of the loans will be undertaken by Dennis Joslin Jamaica, Inc., which is a service provider under the overall agreement between the parties. Mr. Dennis Joslin, who is the principal of that company, operates from Tennessee in the United States, and is also substantially involved in the acquisition of loans in the United States. Beal Bank is based in Texas where it is one of the largest privately owned financial institutions.
"As regards owner-occupied residences, belonging to individuals with debts in excess of $5 million, the purchasers have given us a firm commitment to do everything possible to quickly reach agreements which would release the residences. However, the debtors must honour the commitments given," Dr. Davies told reporters at his Ministry's National Heroes Circle, offices in Kingston.
