Absalon Project (Absalon) will market the Danish Mortgage Solution on a worldwide basis. Absalon is an extension of a partnership between affiliates of VP SECURITIES A/S and Soros Fund Management LLC that was established back in 2005 with the purpose to implement the Danish Mortgage Model in Mexico. This project was successfully carried through with the creation of a mortgage servicing company in Mexico named HiTo that issued the first loans based on the Danish Mortgage Model just before Christmas 2007. Since then HiTo has introduced more loan types to the Mexican market and is issuing loans on a weekly basis, using the solution provided by Absalon.
The Danish way of financing housing through mortgage loans has proven its efficiency and reliability for more than 200 years. It has survived a few crises in its lifetime and also during the current crisis starting in 2008 the Danish Mortgage Model has proven its robustness to the benefit of the borrowers, the investors and the Danish Mortgage Credit Institutions themselves. The project in Mexico has attracted a world wide attention. Combined with the problems that have occurred since the subprime crisis started in the US the Danish Model has gained a lot of interest from all around the world.
Absalon Project was created to capitalize on the experiences from the project in Mexico to offer a solution based on the Danish Mortgage Model to customers on a worldwide basis. The offerings range from initial financial analysis of the possible benefits of introducing the model, over the creation of a Business Plan and Marketing Plan to the delivery of software, services and assistance in setting up the business procedures and the integration of the IT systems.