ING Real Estate Finance Announces Sale of USD 1.6 Billion of U.S. Commercial Real Estate Loans to Wells Fargo Bank, N.A.
These two components have, in unison contributed over 80 per cent of the total increase in the countrys external debt. Hear that hollow ring Chidambaram, some might say, is addressing the problem with his plans to moderate imports through customs duties. These should, it seems, reduce demand for short-term trade credits that were needed when the economy was growing. Will they work? Its a long shot really, considering demand inelasticity for gold and oil imports.
“Many of our existing customers have loans in this portfolio as well, and we look forward to meeting the needs of those customers while strengthening our Commercial Real Estate business through this acquisition.” Morrison & Foerster LLP served as counsel to ING Real Estate Finance in the transaction, while Dechert LLP served as counsel to Wells Fargo Bank, N.A. About ING Real Estate Finance ING Real Estate Finance is one of the leading commercial real estate financiers with a portfolio of over EUR 28 billion. We provide global coverage to clients from offices throughout Europe and Asia. ING Real Estate Finance is part of ING Group, a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for our insurance and investment management operations.
Bricks and finance shortages frustrate British housing hopes
PRESSURE ON SMALL PLAYERS Small and medium-sized housebuilders, which account for about a third of new houses, also have problems in persuading banks to finance their projects. Net bank lending to construction firms has fallen by between 4 and more than 10 percent every quarter for four years, Bank of England data show. A Federation of Master Builders survey found 90 percent of 1,000 building firms questioned in late 2012 said raising finance was as difficult as two years ago, or even harder. “The number of small housebuilders who are actually active at the moment is definitely falling.