Property portfolio loan in breach of covenants?


  • Referred by Smith & Pinching, IFAs)
  • Individual owning a group of 6 companies in various sectors - In dispute for 4 years on partial outstandings within a multi-million pound portfolio
  • Deadline set by Lloyds Corporate Business Support Unit in London to appoint an LPA receiver (Law of Property Act).
  • Worked with client over several months to build a case.
  • Presented report to the Property team in Lloyds at Norwich headed up by Tim Proctor.
  • Tim and Barry Coote fully supported application to have client’s account returned from Corporate Business Support Unit in London
  • B2B negotiated agreement that Lloyds should engage a local valuer which was not on the Lloyds Corporate panel in London - to ensure an understanding of the local property market.
  • BSU sanctioned return to mainstream
  • Final sign-off by mainstream credit team delivered.
  • Repayments scheduled to amortise over 20 years but with a 3 year review
  • Customer retained at BSU for 6 months to ensure conditions and triggers were achieved.