Client retained all security
Corporate debt settlement – Savings of £1.8m on the shortfall thereafter.
-A Client, whose primary business was in Residential Care, approached our offices seeking advice regarding pursuit by an investment giant for an amount owing of c£4.7m
-His loans had been sold on by the original Banking Institution and our Client feared that he would lose his business entirely.
-Our Client’s profession, by its very nature, was most sensitive and thus there was also the great concern that any Receivership appointment/aggressive action by the subject fund would have noteworthy ramifications on both the residents and their families who were already considered most vulnerable and dependent.
-Re-finance had been pro-actively sought out from alternative lenders with a view to seeking to resolve matters once and for all
-Due to the significant drop in the property market however, our Client could not raise close to enough to settle the debt in full
-After dedicated, detailed and substantiated negotiations, we managed to agree re-finance as well as full & final settlement at a total amount of £2.9m
–This meant that our Client retained all that was important, experienced savings of £1.8m and was facilitating a significantly reduced level of debt with an alternative lender whose terms were more than feasible.