Sydney, Australia, July 16th 2021
Whilst the business of Mortgage and Debt assignment is old, and well established internationally, it is not well known or understood in Australia, which has brought Ian David Lazar to notoriety over the years.
The assignment of mortgage involves the transfer of the mortgage debt and the conveyance of the mortgagee's estate in the mortgaged property. It vests the debt and estate in the assignee, together with all the rights, powers, and remedies of the mortgage. The assignor is the mortgagee who is disposing of the mortgage.
Banks and Non-Bank lenders participate in the mortgage and debt assignment trade as a way of efficiently resolving non-performing loans and managing their portfolios.
Non-performing loans are normally traded at a discount to entice the assignee into the transaction, as the lender wishes to have the loan and borrower ‘off their books’ swiftly for any number of reasons, including;
- The time and cost involved in managing non-performing loans;
- Reputation risk associated with undertaking enforcement action and the sale of the underlying security property;
- The lender may be a Managed Investment Schemes with statutory reporting obligations and portfolio ratios that must be maintained, including their Net Tangible Asset and percentage of non-performing loan. The assignment of non-performing loans is a mechanism to manage the portfolio ratios to ensure swift compliance with the rules of the scheme, thereby avoiding unwanted attention from the regulators.
Because the practice is not widely understood, and the Assignee takes enforcement action against the Borrower, the assignees, including Mr. Ian Lazar, constantly receives negative, unfair, and relentless pursuit by the Borrowers, Media, and in some instances the Regulatory Authorities.
The ill-informed label of ‘predatory lending’ is often bandied about, which is most inappropriate as the Assignee was not a party to the original loan, and in every instance at the point where an assignment took place, the loan was completely non-performing. This means, the borrower has defaulted on the obligations to the lender and the financial stress existed before the assignment occurred.
Importantly, the assignee is bound by the terms and conditions of the original loan, which may mean that interest and fees are accruing at a higher rate, however that would be the case regardless of whether an assignment occurred or not.
All too often, borrowers refused to accept responsibility for the position they find themselves in and, repugnantly, sought to shift blame onto the Assignee and endeavour to use the media or the authorities to inappropriately receive some relief. Ironically, it is this behaviour, that in part, causes the business of Mortgage and Debt Assignment to exist.
If the borrowers, voluntarily and expeditiously, sold the security property and other assets to honour their obligations to the lender, the business of Mortgage and Debt Assignment may be less relevant.
It is also worthy to note that at the conclusion of transactions, Mr. Ian David Lazar often provides a monetary discount on the face value of the debt owed, effectively sharing some discount received from the original lender with the borrower.
Mr. Ian David Lazar continues to acquire non-performing loans and defaulting mortgage securities from banks and non bank lenders, and will continue his pursuit to have the practice acknowledged as legitimate and in no way predatory.
Ian Lazar – Equity & Co.
Ian Lazar, a name in business advisory for small, medium, and large corporate businesses who are in need of commercial finance. He is a professional for Distressed Mortgage Lending, Mortgage Syndication, Mortgage Acquisition, Debt Assignment, ATO debt Lending.
Is a commercial business lender who deals in all aspects of commercial lending including equity and capital raising, mortgage, and debt assignment for medium to large businesses primarily supported by real property in Australia.
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