{"id":42219,"date":"2014-01-31T00:00:00","date_gmt":"2014-01-30T23:00:00","guid":{"rendered":"https:\/\/techma.bakertilly.es\/direct-lending-alternativa-complemento-la-financiacion-tradicional\/"},"modified":"2025-03-12T11:25:06","modified_gmt":"2025-03-12T10:25:06","slug":"direct-lending-alternativa-complemento-la-financiacion-tradicional","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/direct-lending-alternativa-complemento-la-financiacion-tradicional\/","title":{"rendered":"Direct lending: alternative or complement to traditional financing?"},"content":{"rendered":"
Yesterday in Madrid, a conference was held at the APD on the financing formula known as \"Direct lending\" or financing through investment vehicles specialised in debt without the need for a bank balance sheet.<\/span><\/h6>\n

<\/p>\n

Oquendo and HIG the benchmarks in Spain<\/strong><\/span><\/p>\n

The speakers were key decision-makers from the Spanish market leaders.\u00a0Oquendo<\/span><\/a><\/span>\u00a0in early 2013, a new fund<\/strong> 100M together with the\u00a0Banca March<\/span><\/a><\/span>\u00a0and\u00a0European Investment Fund.<\/span><\/a><\/span>\u00a0HIG\u00a0<\/span><\/a><\/span>has been in the news over the past year for the purchase of portfolios of real estate assets from the\u00a0SAREB.<\/span><\/span><\/span><\/span><\/p>\n

What are the differences compared to senior or traditional debt?<\/strong><\/span><\/p>\n

Almost all speakers explained that the main difference is reflected in the flexibility in structuring. This flexibility is made concrete in the following points:<\/span><\/p>\n

– El plazo suele mayor y en forma bulet, es decir, a amortizar al final de la vida de la deuda.<\/span>
\n– Requiere mayor cercan\u00eda con la compa\u00f1\u00eda por lo que suelen pedir un puesto en el consejo y requisitos de informaci\u00f3n financiera y de negocio mensual.<\/span>
\n– Suelen establecer un plazo en el que no se puede devolver anticipadamente que suele estar en el entorno de 3 a\u00f1os.<\/span>
\n– Ofrecen una mayor rapidez en la respuesta pudiendo llegar incluso a ser de 2-3 semanas.<\/span>
\n– La gran cuesti\u00f3n que sali\u00f3 a debate fueron los costes asociados. La mayor\u00eda indic\u00f3 unos costes por encima del 10% y estaban compuestos por una apertura, un margen sobre Euribor, un pic y un warrant.<\/span>
\n– La deuda mezzanine es transaccional, es decir, suele ir ligada a una inversi\u00f3n relevante, a la compra de un competidor, etc.<\/span><\/p>\n

\"The cost of these forms of funding <\/strong>is directly linked to the cost of obtaining funds<\/strong> for these vehicles. Funders can have access to high-yield debt that may be yielding around 7%, plus a few points for higher risk-taking, plus the associated management fees, we have to be talking about above 10%\" says Diego Gutierrez of\u00a0Abra Invest.<\/span><\/a><\/span><\/p>\n

Alternative or complement to traditional financing?<\/strong><\/span><\/p>\n

It is clear that this new way of funding<\/strong> is here to stay and grow, having to reach the same prominence as it can have in markets such as English and French. But according to\u00a0Alfonso Erhardt<\/span><\/span><\/span>\u00a0will not have a mass effect leading to the replacement of traditional banking but will have to find ways to complement each other.\u00a0<\/span><\/p>","protected":false},"excerpt":{"rendered":"

Yesterday in Madrid, a conference was held at the APD on the financing formula known as \"Direct lending\" or financing through investment vehicles specialised in debt without the need for a bank balance sheet.<\/p>","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1750],"tags":[210],"sectores":[],"tipo-contenido":[2260],"class_list":["post-42219","post","type-post","status-publish","format-standard","hentry","category-financiacion-sectorial","tag-financiacion-alternativa","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/42219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=42219"}],"version-history":[{"count":0,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/42219\/revisions"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=42219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=42219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=42219"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=42219"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=42219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}