CG&Co witnessed a dramatic growth in the volume and value of property-related cases during 2019. The firm, specialising in property receivership, experienced a 40% rise in the number of appointments. They also saw an increase in the value of the properties under its control to £300m.
Over the past 12 months, bridging loans have also accounted for a higher percentage of these cases. CG&Co have become a specialist in this sector during that period.
CG&Co attributed the increased number and value of these appointments to the tough economic trading conditions faced by borrowers combined with the rapid growth of the bridging sector and its enhanced presence in this sector.
CG&Co partner Daniel Richardson explains:
“The poor performing property market resulted in an increasing number of defaults in the bridging sector. Borrowers are finding themselves unable to achieve their exit plans. This is either by sale or refinance. In addition, the bridging sector is growing constantly. There are an increasing number of borrowers turning to this style of funding over the past 12 months.”
“As a result, the volume of defaults across the market has shown a corresponding increase.”
Richardson asserts bridging lenders choosing to work with CG&Co experience a partner-led highly proactive service from the moment of appointment.
He continued: “Regardless of where a property is located in the United Kingdom, we take a hands-on approach from the initial actions through to completion. Our clients like the fact they always deal with a partner. From the outset, we’re entirely focused on taking control and formulating the right strategy to get a loan repaid in the shortest possible timescale.”
Among CG&Co’s cases, Richardson highlights the sale of a period property converted to six modern self-contained apartments as an example of the firm’s ability to recover loans on behalf of clients in the shortest time frame.
Following CG&Co’s appointment, it secured the rental income, improved the occupancy level and subsequently completed the sale at the asking price which achieved a full recovery for the lender within six months.
Founded in 2012, CG&Co specialises in confidential business advice that ensures clients consistently achieve the best outcome. With industry-leading expertise in property receivership, company turnaround and business insolvency, CG&Co’s partners take the lead on every case. Based in Manchester, CG&Co works nationally for a host of clients including household name bridging loan companies and other lenders. For more information log onto: https://cg-recovery.com
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CG&Co is a trading name of
CG Recovery Limited, a company
registered in England and Wales
under company number 08249691
1 Booth Street,
Tel: 0161 358 0210
Fax: 0161 358 0211