Situs appoints head of Spain

Situs has appointed a new head of Spain as part of its drive to increase its loan servicing and underwriting capabilities in the country.

Fernando Salazar Lacalle has been appointed to the position having previously been head of international clients and managing director of Spain for Servicing Advisors Deutschland. He will report to Bruce Nelson, chief operating officer of Situs and will be responsible for the expansion of all of Situs’ business lines into Spain and the surrounding southern European market, including loan servicing, special servicing, non-performing debt refinancing and advisory.

Lacalle’s recruitment follows the formation of a joint venture between Situs and debt collection group Lindorff in July to capitalise on the growth in Spain’s non-performing loan portfolio market, as well as origination of new loans to refinance portfolios. The joint venture covers not only real estate but consumer debt, residential mortgages, and small and medium enterprises.

Nelson said: “To support the growth of debt transactions in Spain, as well as anticipated longer term needs across the entire southern European marketplace, there was a clear need for an experienced, seasoned professional to build and lead our growth in this region.

“Fernando’s market knowledge, expansive network and expertise working with both local and international investors will be instrumental in meeting Situs’ near and long-term goals in this region.”

Situs has been aiming to compete with the two largest players in European loan servicing in recent years, Hatfield Philips and Capita, and has stepped up its activities since acquiring Deutsche Bank’s loan servicing and asset management business in 2012. It is the special servicer for €700m of troubled assets in Europe.