A real estate developer who begins to have difficulty in completing an initiative, paying suppliers and loan instalments with the bank. But instead of going through the different steps of the classification of ‘impaired’ operations (Past due, Utp and, finally, Npl, with all that it entails, it is joined by a specialized company that helps it to get out of the crisis, to complete the work and honour what is due.

This short article represents an attempt to shed some light and to bring together all the individual information currently available on the “securitisations of real estate”. Its purpose is to deal with the following issues: legislation and structure of vehicle companies; form and tax regime of Special Purpose Vehicles (SPVs) for property securitisations incorporation – securitisation – finalisation of the sale of a real estate SPV 130.