Homburger advised UBS Switzerland AG in the establishment of its mortgage financing disintermediation platform UBS Atrium
UBS Switzerland AG (UBS) has established a mortgage financing disintermediation platform which brings together institutional investors such as pension funds seeking to invest in mortgages on incoming producing real estate and borrowers seeking to finance such objects.
Potential borrowers can post a credit request based on which UBS will conduct standardized credit checks and object valuation procedures. Upon successful conclusion the credit request will be published on the platform. Investors may then submit an offer with regard to such request which are presented to the borrower who may then choose to accept an offer. Following such acceptance, the borrower and the chosen investor will enter into a standardized mortgage credit agreement. UBS will act as servicer with respect to such credit agreement and will remain the primary contact for the borrower.
Following the setup of the platform, UBS has further sold a portfolio of UBS originated mortgages on income producing real estate to Anlagestiftung der UBS für Personalvorsorge (AST) by way of an assignment of the relevant mortgage claims and transfer for security purposes of the corresponding mortgage certificates.
Homburger advised UBS on the structuring and the setup of the platform named UBS Atrium. Homburger also advised UBS and AST on all transactional aspects of the portfolio sale to AST.
The Homburger team included partners Benedikt Maurenbrecher (Financial Services), Dieter Grünblatt (Tax) and Marcel Dietrich (Competition | Regulatory) as well as associate Daniel Hulmann (Financial Services).