The owner of a large portfolio of residential investment properties based across the Midlands had failed to make repayments.
On day one, we visited all the properties and served all tenants with the notice of appointment to ensure we subsequently secured the rental income.
We also made contact with the first charge holders to establish payment terms to arrange continued payment of their mortgages.
In addition, we assessed any urgent repairs and ensured all properties were compliant with all requisite legislation.
As soon as the tenancy position had been confirmed and rent collections had been commenced, an appraisal of the portfolio was made and a national agent was instructed to market the portfolio as a whole.
In addition, we also requested the agent to provide the option to parcel up specific sections – to ensure that the less desirable properties were not the only ones that didn’t sell.
Interest levels were exceptionally high – and we successfully agreed sales with the portfolio being split into two parts.
Once the second sale was completed, it was possible to repay all lenders in full.