Private Property Company
We assisted a private property company with the disposal of a portfolio of properties that were originally charged to IRBC. A fall in the market together with a failure by IBRC to consent to a key re-letting, led to the values being substantially below the outstanding loan amount.
The liquidation of IBRC led to a sale of the loan to a new lender. We led the negotiations with the new lender on behalf of our client, which led to an agreement to sell the portfolio. We managed an exit for our client and a total recovery to the new lender of nearly 30% more than originally anticipated.