A client with a substantial investment property portfolio had a loan facility of £1m. Loan payments were fully covered from rental income and they had an unblemished payment record. However, due to their bank changing its strategy they were given three months’ notice to find a new bank. Unfortunately the deterioration in the property market left them in negative equity and they were unable to raise sufficient funds to repay the loan. AFT successfully negotiated a settlement agreement with the bank at £550k enabling the refinance to proceed – a client saving of £450k or 45% of the original debt.
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