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

LONDON-Because the crisis has altered the finance-institutional landscape and often eliminated firms originally involved in securitized debt, loan servicers are playing a growing role, says the Managing Director of European servicing group Hatfield Philips, owned by US private equity group LNR Property.

"We've gone away from administration, and become loan managers now," Clarence Dixon told PIE in an interview. "Although the loans are still very clear-cut, the situation of the borrowers has changed, the situation of the lenders has changed, the situation of the facility agents has changed, the situation of the swap providers has changed – all the key parties have often changed, and the only party that's been involved in the transaction from start to finish has been the servicer. The servicer's role has de facto changed from being purely administrative to more custodial, and the need for due diligence by all parties, often with competing wishes, has brought its own challenges but equally increased the scope to add value."

London-based Hatfield Philips has serviced more than 359 commercial loans with a combined value of £29bn and acted as special servicer for over £31bn. Collateral locations included UK, Germany, Italy, Sweden, France Switzerland and Benelux. Dixon says the group, rated by S&P and Fitch as primary and special servicers in Europe, is currently active in some 250 loans in 18 different portfolios.