Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

MADRID-The Boston-based internet marketplace for loan trading DebtX is opening an office in Madrid to exploit a growing demand from Spanish banks for a greater variety of options in real estate loans and property asset foreclosures (REO) amid the harsh recession.

DebtX has been working with financial institutions in Spain for two years, and opened the Madrid office to meet growing demand from Spanish institutions to sell performing and non-performing loans. Other European operations include Germany, the United Kingdom and Italy.

Appointing Antonio Anglada, former CEO of General Electric's mortgage division, to head the new office, DebtX MD Gifford West, head of international operations, commented, "Spanish banks have recognized that in the current crisis, they need an alternative to retaining distressed real estate loans and REO. DebtX enables financial institutions to sell distressed loans, and free up capital and work-out resources. DebtX sees a significant opportunity to generate liquidity for Spanish banks and help those institutions return their balance sheets to health."