The collapse of Tricolor and First Brands in 2025 brought an underappreciated risk back into sharp focus: double pledged collateral.
While investigations are ongoing, major institutions including JPMorgan and Barclays have already disclosed $100m+ losses linked to these events.
The availability and transparency of loan-level data has improved significantly since the GFC. For providers of warehouse facilities and other funding lines the question is not whether data exists, but whether anyone is systematically reviewing it across funding lines, originators and transactions to identify double pledged collateral.
The Structural Gap in Current Controls
In a typical funding structure, multiple parties handle loan data: arranging banks, rating agencies, data repositories, auditors, law firms and servicers. Each performs a defined role, but none is explicitly tasked with conducting independent, cross-funder double pledge checks.
In both single-funder and multi-funder environments, it’s entirely possible for files to be processed by these entities without being cross-checked against prior transactions or parallel funding lines. For funding providers, this creates an avoidable exposure.
What robust control should include:
The Role of Independent Verification
BCMGlobal is a leading independent European loan servicer with over 25 years’ experience supporting leading banks and financial institutions.
With over €45bn assets under management, we are specialists in residential and commercial mortgage servicing with significant experience handling, analysing and reporting on large loan-level data sets.
Building on this capability, we have already implemented additional independent checks for several key clients to identify duplicate entries across defined loan, property and borrower data fields.
These checks can be conducted:
For funders Our service provides enhanced risk mitigation and independent oversight of originator controls, with formal reporting on any discrepancies.
For originators Our service offers a cost-effective opportunity to provide proactive, independent assurance to funders.
As double pledging risk continues to re-emerge in complex funding structures, independent verification is becoming a critical component of robust risk management. We are happy to discuss how these controls can be implemented in practice.
BCMGlobal, one of Europe’s leading independent loan and mortgage servicing firms and an affiliate of LCM Partners, has been appointed to manage the National Financing Support Services Company (NFSC) and to support its advancement into a best-in-class independent loan servicer in the Kingdom of Saudi Arabia.
Established by the Saudi Real Estate Development Fund (REDF) and the Saudi Real Estate Refinance Company (SRC), NFSC plays a central role in strengthening the Kingdom’s mortgage and consumer finance sectors. Its mandate supports Saudi Arabia’s Vision 2030 objectives to diversify and deepen the national financial system.
Building on more than 25 years of experience across Europe, BCMGlobal will deploy a senior team to the Kingdom, including the forthcoming appointment of a Head of Servicing to lead the next phase of NFSC’s development. The company will expand its service lines and local footprint, with plans to recruit and build operational capacity in Saudi Arabia. BCMGlobal’s remit includes broadening NFSC’s servicing capabilities beyond residential mortgages to encompass consumer and commercial loans, while introducing back-up servicing and facility agency services to support the region’s evolving financial ecosystem.
These developments will provide critical infrastructure for both domestic institutions and international lenders seeking to participate in the Kingdom’s rapidly growing financial markets. BCMGlobal has already seen strong early interest from leading global banks and investment houses, reflecting the quality of international engagement being drawn to the Kingdom’s financial sector.
“With over 25 years of experience managing performing, re-performing and non-performing loans, BCMGlobal brings deep operational and data expertise to the Kingdom,” said Simon Fitness, Chief Executive Officer of BCMGlobal. “We are committed to embedding ourselves within the local market – both operationally and as an employer – building teams and technology in the Kingdom that deliver world-class servicing aligned with the goals of Vision 2030.”
Paul Burdell, Chief Executive Officer of LCM Partners, added: “Saudi Arabia continues to demonstrate world-class ambition and leadership in developing its financial markets. We are proud to play a supporting role alongside partners such as REDF and SRC, whose vision and commitment to excellence are helping shape a modern and dynamic financial services sector. BCMGlobal’s servicing expertise, data capabilities and technology will complement these efforts and contribute to building an institution of enduring strength and capability in the NFSC.”
With approximately €45 billion of assets under management and operations across five European jurisdictions, BCMGlobal provides end-to-end loan servicing, portfolio management and data analytics solutions for more than 125 financial institutions. Its appointment to work with NFSC marks a significant milestone in BCMGlobal’s international expansion and underlines its role as a strategic partner in the evolution of financial services infrastructure in the Kingdom of Saudi Arabia.
About BCMGlobal
BCMGlobal is one of Europe’s leading independent loan and mortgage servicing firms, specialising in end-to-end asset management, loan administration and data-driven servicing technology. Operating across the UK, Ireland, the Netherlands, Italy and Spain, BCMGlobal manages more than €45 billion in assets and provides solutions to over 125 banking and financial institutions. BCMGlobal is part of the LC Financial Holdings group and an affiliate of LCM Partners.
The agenda was clear: stronger support for homeowners, greater access to mortgages and a more resilient Irish financial market. Around the table at our Maynooth office this week were Robert Troy TD, Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Michael Broderick, CEO of the First Home Scheme and David Malone, CEO of the Irish League of Credit Unions.
Together with the team from BCMGlobal, the discussion focused on how collaboration across housing and financial services can deliver tangible benefits for Irish families, while contributing to the Government’s Housing for All and Ireland for Finance strategies.
Summing up the visit, Robert Troy highlighted the importance of collaboration:
“Responding to the housing crisis is the most critical challenge of our time, and collaboration across a broad spectrum of factors is key to meeting that challenge. The First Home Scheme is one aspect of the Government’s aim to significantly increase fair and affordable access to housing, and strengthening mortgage options supports that. I commend the ongoing work of BCMGlobal in supporting the scheme, and encourage prospective home buyers to find out more about it.”
Pictured left to right: Scott Lyons Director, BCMGlobal, Michael Broderick, CEO First Homes Scheme, Micheál Burke Head of Structured Finance BCMGlobal, Denise Munnelly Head of Function BCMGlobal, Minister Robert Troy, Scott Lyons, Jimmy O’Neill Director of Residential Servicing BCMGlobal, David Malone, CEO Irish League of Credit Unions.
We are delighted to welcome Frank Horvath as MD at BCMGlobal in the UK.
Frank brings 37 years of banking and consumer finance experience, most recently as MD at Link Financial Outsourcing, a leading servicer and purchaser of consumer and business loans and a partner business in our wider Group LC Financial Holdings.
Having spent many years in leadership roles at prominent credit management and financial institutions including HSBC and Barclays, Frank has developed a deep understanding of the industry’s challenges and opportunities. His expertise will be instrumental as BCMGlobal continues to evolve, offering new and expanded products and services to meet the needs of our diverse client base.
We wish Frank every success in his new role.
We’re delighted to announce that BCMGlobal has won the latest competitive tender for the management of BancoBPM’s performing portfolios.
Stefania Facciolo Head of Unsecured Servicing & BPO, commented:
“We are proud that our partnership with Banco BPM, which began in 2018, continues to grow stronger. This renewed collaboration is a testament to the strength and client-focused nature of our operating model”.
BCMGlobal was proud to sponsor the Business Houses Athletic Association (BHAA) 5k race in beautiful Phoenix Park, Dublin. The event saw 188 runners across all age categories, including 30 energetic BCMGlobal colleagues.
We were also delighted to welcome Hollie Gouws from our charity partner, Cancer Fund for Children who spoke after the event and presented prizes to the winners. Holly’s inspiring words highlighted the importance of supporting children affected by cancer as well as their families.
The evening race was a fantastic opportunity to promote health, wellness and community spirit. Well done to everyone who took part and congratulations to the winners – especially Rebecca Cuskelly, Gary Whoriskey and David Geraghty, who took first place in the Team Grade B category!
We look forward to continuing our support for Cancer Fund for Children and the BHAA.
BCMGlobal has extended its partnership with Aberdeen Investments, providing Administration Agency services on their recent €33m Irish CRE transaction secured on a Grade A office building in Dublin: https://bit.ly/45mRcNb
Having supported Aberdeen Investments on numerous commercial real estate deals over the years, we are proud to continue delivering servicing solutions through our team’s expertise in complex loan administration.
We look forward to future growth together and continuing to deliver best-in-class CRE servicing solutions to Aberdeen Investments in the UK & Ireland.
Press Release
BCMGlobal is pleased to announce the extension of our partnership with Avant Money. Since entering the Irish mortgage market, Avant Money has rapidly gained significant market share, driven by their innovative approach, competitive proposition, and market-leading product offering. This extension underscores the strength of our collaboration and highlights our proven ability to deliver best-in-class servicing solutions, supporting the growth of leading financial institutions.
BCMGlobal is a Key Partner in Avant Money’s Success
Since Avant Money entered the Irish mortgage market in September 2020, BCMGlobal has been instrumental in their journey. From initial project setup to ongoing market expansion, we have provided the servicing expertise that underpinned their growth and supported the launch of innovative mortgage products such as One Mortgage, and the recently introduced Flex Mortgage. Our commitment to deliver on our promises has positioned us as a trusted partner for many financial institutions seeking scalable, customer-focused servicing solutions.
Brian Lande, Head of Mortgages at Avant Money, commented:
“We are pleased to renew our agreement with BCMGlobal following a competitive tender process. BCMGlobal has underpinned both our mortgage origination and servicing capability since launch and I look forward to expanding this capability as we continue to grow in Ireland.”
Supporting Avant Money’s Continued Growth
Avant Money has now become a branch of Bankinter and we are very proud to continue to support their expansion to a full-scale bank in Ireland. The successful appointment of BCMGlobal to partner with Avant Money for a further term is underpinned by our company values of Integrity, Partnership and Excellence, which are at the heart of everything we do. The extension of our partnership is testimony to the quality and capability of BCMGlobal’s servicing, and as a trusted partner by leading financial institutions both in the Irish market and beyond.
We look forward to further strengthening our collaboration with Avant Money and Bankinter, reinforcing our position as the leading mortgage origination servicer in Ireland.
For more information on how BCMGlobal can support your institution’s growth through bespoke servicing solutions, please get in touch with Jimmy O’Neill, Director of Residential Servicing.
Press Release
BBCMGlobal announces the closing a series of significant transactions that further strengthen its position in the domestic market during 2024.
BCM was selected by a group of local and international institutional investors to manage 3 new portfolios of NPL (Non-Performing Loans) and UTP (Unlikely to Pay) mortgage loans, sold in 3 different transactions over the year. The sellers comprising multiple leading Italian banks, for a total of approximately €100 million in gross book value.
These 3 new acquisitions were made through a newly set-up securitization vehicle by certain leading international institutional investors including the Luxembourg fund “Italy Distressed Fund SCA SICAV”, whose portfolio is managed, by way of delegation from the fund’s AIFM, by the Italian investment firm Replica SIM S.p.A. and the Swedish Albatris in a joint venture with U.S. based Three Line Capital.
This partnership will continue to focus and remain highly active pursuing opportunities in real estate backed NPLs and UTPs and continue to execute on its investment program in secured NPEs (Non-Performing Exposures) in the short-medium term.
BCMGlobal has been appointed as Special Servicer for the securitisation, with 130 Servicing as Master Servicer, Corporate Servicer and Calculation Agent.
Chiomenti provided legal assistance to the investors and Replica SIM in relation to the transaction and to the contractual, regulatory and tax aspects.
Roberto Zambotti, Managing Director of BCMGlobal Italy said:
“We are proud of the trust our Clients have placed in us. This confirms the effectiveness of our unique value proposition in the Italian market: our independence and highly skilled team allow us to deliver exceptional service and results for investors interested in the Italian NPE market.”
Dario Negri, CEO of Replica SIM commented:
“In 2024, Replica SIM expanded its range of investment solutions by establishing a new team dedicated to managing alternative investments, led by Alessandro Avagliano and Corrado Mazza, and assuming the portfolio management of a new fund, Italy Distressed Fund SCA SICAV-RAIF.
The Italy Distressed Fund follows an investment strategy mainly focused on securitisation notes, specifically Asset-Backed Securities (ABS), with a geographical focus on Italy.
The fund has a fundraising target of €35 million, total already raised and partially invested upon the launch of the project.
The fund has already involved and continues to involve multiple European and national investors interested in the initiative. Currently, Replica is working on the delegated management of a new alternative fund with a target fundraising of approximately €100 million.”
About BCMGlobal
BCMGlobal is a leading European independent loan and asset management service provider. We have multijurisdictional expertise with operations in Italy, Ireland, the UK, the Netherlands and Spain.
We deliver a range of core services including loan management, bank outsourcing, origination, and real estate asset management. We support our clients at all stages of the debt life cycle from origination and advisory services through to asset management across multiple debt classes: performing, non-performing (NPL) and unlikely-to-pay (UTP) loans.
In Italy, BCMGlobal provides to its broad client base with expert services throughout the entire credit lifecycle covering a wide range of asset classes including unsecured and consumer loans, residential mortgages, corporate and SME secured loans and REO portfolios. BCMGlobal is one of the few special servicers that has developed an in-house real estate team entirely dedicated to the management of real estate assets securing NPL and UTP loans, with a strong track-record in real estate development projects repossessed through REOCOs (Real Estate Operating Company).
For more information, visit www.bcmglobal.com/countries/italy
About Replica SIM
Replica SIM (www.replicasim.com) is an Italian investment firm with specific expertise in investment portfolio management services and, specifically, in fixed income which its Industry-leading team with decades of experience has achieved a strong performance track record.
Replica SIM provides investment portfolio management to EU-domiciled funds reserved to institutional and professional investors, with investment policy focused on bond, equity, multi-strategy and other securities. A team of 30 experienced portfolio managers has generated a consistent and superior track record over multiple years on a risk-adjusted basis.
The partners commit a significant share of the capital to the funds managed by Replica demonstrating a strong alignment of interests with our institutional investors.
Press Release
BCMGlobal Completes Acquisition of Redwood, Reinforcing Its Position as a Leading European Loan Servicer
BCMGlobal, part of LC Financial Holdings (LCFH), proudly announces the successful completion of the acquisition of Redwood, a specialist loan servicer and real estate asset manager based in Madrid, Spain.
BCMGlobal is one of Europe’s leading loan servicers with over 25 years’ experience delivering servicing solutions to Europe’s leading banking and financial institutions. BCMGlobal services loans throughout the loan lifecycle, including mortgage origination, primary, special, back-up and master servicing, as well as structured finance and tailored BPO services. We leverage our core expertise in banking and credit management and a deep understanding of customer-focused, regulated business environments.
Redwood was incorporated in 2018 and manages c.€1Bn worth of Investments Funds and Banks PLs, NPLs and REOs both individual and corporate. Redwood provides services throughout the asset lifecycle value chain. Headquartered in Madrid, Redwood’s core end-to-end servicing capabilities are enhanced by additional value-added services, including Corporate and Advisory Services.
Simon Fitness, CEO BCMGlobal said
“We are excited by the prospects for our combined businesses. Together with Redwood, BCMGlobal’s operations will span eight offices in five European jurisdictions (the UK, Ireland, Italy, the Netherlands and Spain). We will manage assets of over €45bn, including over 150,000 mortgages, and have a combined team of over 800 dedicated professionals. Most importantly, the calibre of the Redwood team and the exceptional service that they deliver is the perfect fit for BCMGlobal. We look forward to introducing the Redwood team to our clients and supporting their growth in the Spanish market.”
Pablo Enciso, Managing Director of Redwood said:
“Through our combination of deep subject matter expertise, proactive asset management and exceptional customer service, Redwood has earned its reputation for excellence in the Spanish market. Joining BCMGlobal will accelerate our growth as a third-party servicer, support innovation as we share best practice and provide an opportunity to leverage proprietary servicing systems to improve client and customer service”.
Notes to Editors:
About BCMGlobal (BCM)
BCMGlobal is a European leader in mortgage, real estate and commercial loan servicing. With operations across multiple jurisdictions, BCM is dedicated to providing exceptional service and innovative solutions to its clients in the financial industry.
For more information, please visit BCMGlobal’s website www.bcmglobal.com
