Project Clarence

Owner defaulted on residential mortgage, with eviction date fast approaching. Redemption figure approximately £1,150,000. The property had languished in the market since early 2021, with a much-needed refurbishment yet to be commenced. We agreed a transaction with the asset owner which saw us release £360,000 to the lender on the understanding that all interest would be frozen for a period of 12 months, refurbished the property, and sought the sale of the property. A sale was agreed off-market to one of our overseas clients.