Oaktree’s US$195MM acquisition of RE loans aggregating to ~US$240MM from DHFL
Dewan Housing Finance Corporation Limited (“DHFL”, a US$20Bn housing finance company) was under liquidity stress, triggered by the Indian credit crisis that started with ILFS’ default in Sep 2018. Certus was appointed to help DHFL generate liquidity against its wholesale RE loan portfolio of ~US$2Bn+.
We undertook an accelerated review of this portfolio and selected gross underlying loans worth ~US$800MM+, primarily across three Mumbai based projects, as first phase. Above mentioned transaction (underlying gross loans: ~US$240MM), was the first one we undertook.
Post closure of the above, investor interests of~US$290MM+against other first phase projects were also received. However, DHFL itself moved towards a lender-controlled resolution and hence these discussions did not conclude.
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