Project Douglas

A portfolio of eleven residential properties across South London, with bridging finance in place with the same lender. The entire facility was in default and costing the asset owner £30,000 per month in default interest alone. Despite extensive negotiations with the lender, they refused to freeze the interest and insisted that the debt facility be redeemed in full. We therefore agreed a package to purchase the entire portfolio for a price which would allow the asset owner to retain the largest property, which was his residential home; unencumbered (mortgage free), and a significant lump sum. Unfortunately, the asset owner withdrew prior to the exchange of contracts.

The lender took possession of the portfolio and after several failed sales via auction, disposed of the portfolio via private treaty, and continue to pursue the asset owner for legal costs.