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.
BCMGlobal announces the closing of its third investment in the Italian market in partnership with a group of leading international institutional investors including Swedish Albatris in a joint venture with U.S. based Three Line Capital.
The partners have purchased from an international institutional investor a secured non-performing loan portfolio with a total GBV of €42 million, through the securitization vehicle Wings One SPE S.r.l.
For this partnership, which focuses on real estate backed NPLs and UTPs, this purchase is another key milestone in its target of investing up to €100 million equity in secured NPEs in the short-medium term. This latest acquisition by the BCMGlobal – Albatris – Three Line Capital joint venture indicates the Group’s success in serving the Italian market, as they are now approaching €100 million in GBV acquired from multiple sellers in a period of less than 12 months.
BCMGlobal has acted as advisor throughout the acquisition process, assisting the partners from the origination and underwriting of the opportunity, to the deal execution and closing. BCMGlobal is also the Special Servicer for the securitization, with 130 Servicing as Master Servicer and Corporate Servicer, Calculation Agent and Representative of the Noteholders.
The investors were assisted by Legance – Avvocati Associati in relation to the transaction documents and by CBA Studio Legale e Tributario on legal due diligence. Avalon provided the valuations of the real estate collateral assets of the NPL portfolio.
Simon Fitness, Chief Executive Officer of BCMGlobal Ireland and Italy said:
“This is our third such investment in the past 10 months and represents another important milestone for the Italian business. Our investment & advisory team continue to source opportunities from within the very active secondary market in Italy.
Since 2018 we have enhanced and evolved our proposition and reputation as a special server and real estate asset manager, and this third co-investment further demonstrates our commitment to the Italian market”.
Arash Talebinejad, Managing Partner of Albatris commented:
“This transaction complements our existing investment in Southern Europe. Italy is one of our key markets and we remain committed to further investments in the Italian credit market in collaboration with BCMGlobal and Three Line.”
“This latest acquisition underscores our commitment to our European NPL business. The Three Line Capital, Albatris and BCMGlobal partnership has proven its success in in the Italy NPL markets, and we anticipate additional portfolio acquisitions in calendar year 2023” said Benjamin Bornstein, Partner at Three Line.
BCMGlobal announces the closing of its second investment in the Italian market in partnership with a group of leading international institutional investors including Swedish Albatris in a joint venture with U.S. based Three Line Capital.
The partners have purchased a secured non-performing loan portfolio from an Italian GACS securitization managed by doValue S.p.A. through the securitization vehicle Wings One SPE S.r.l.. This partnership, which focuses on real estate backed NPLs and UTPs (Unlikely-To-Pay), aims to invest up to €100 million in secured NPEs (Non-Performing Exposures) in the short-medium term.
BCMGlobal has acted as advisor throughout the acquisition process, assisting the partners from the origination and underwriting of the opportunity, to the deal execution. BCMGlobal is also the Special Servicer for the securitization, with 130 Servicing as Master Servicer and Corporate Servicer, Calculation Agent and Representative of the Noteholders.
Legal support to the investors in relation to the transaction documents has been provided by Legance – Avvocati Associati. The valuations of the real estate collateral assets of the NPL portfolio have been provided by Avalon.
Simon Fitness, Chief Executive of BCMGlobal Ireland and Italy said:
“In the last 5 years we have enhanced our proposition and reputation as a special server and real estate asset manager, and this second co-investment further strengthens our commitment in the Italian market.
Following the strong performance of our first co-investment in 2022, we were keen to explore further opportunities to invest. This deal concluded with a leading counterpart such as doValue builds on our experience and expertise in Italy, optimising returns on NPL and UTP secured loans through proactive loan management and utilising our real estate team to support auction facilitation and value-add activities.”
“There remain substantial opportunities in the Italian NPE primary and secondary markets, and we look forward to identifying them as we continue to grow our presence in the industry.”
Paolo Petrignani, Managing Director of Albatris commented
“The acquisition demonstrates our ability to complete complex transactions during challenging market conditions. We look forward to continuing to capitalize on asset backed credit opportunities and special situations in the Italian market together with BCMGlobal and Three Line Capital.”
“This new acquisition confirms the success of our European NPL strategy. By working in concert with Albatris and BCMGlobal, we have been able to establish an ongoing presence in the Italy NPL markets. We look forward to making further investments in 2023 and beyond”
said Benjamin Bornstein, Partner at Three Line.
BCMGlobal is pleased to announce it is moving to brand new Grade A offices in the historic financial centre of Dublin at Kildress House, Pembroke Row, Dublin 2.
BCMGlobal is pleased to announce it is moving to brand new Grade A offices in the historic financial centre of Dublin at Kildress House, Pembroke Row, Dublin 2.
Kildress House was built in 2020 to the highest modern office standards. Located just off Baggot Street and the Grand Canal, its central location coupled with its high-quality finishes have been central to its appeal to BCMGlobal. The building was designed with sustainability to the forefront and was accredited LEED Gold and BER A3. It also provides for excellent end of trip facilities, important for the ever-active commuter.
Simon Fitness, BCMGlobal’s CEO commented:
“We are proud to be Ireland’s leading loan servicer and we are committed to providing our people and clients with Grade A office space in Dublin City. We know that this brand-new office will help us attract and retain the best talents for our new blended working model while reducing our carbon footprint and enabling even closer contact with our financial clients and their customers. Thank you to Savills, the letting agency, for facilitating this transaction.”
Together with its new office in Dublin, BCMGlobal also has offices in Maynooth and Belfast, as well as in Milan, London, Ipswich, and Amsterdam.
BCMGlobal delivers a range of core services including origination services, primary and special servicing, and bank outsourcing to a wide range of clients.
BCMGlobal’s clients value their expertise and trust the company to help them establish and grow their operations locally and internationally through the provision of scalable, tech-enabled loan servicing solutions, this new office local will further support this.
