CASE STUDIES

Client had borrowings of £430k+accrued interest as part of a residential property development. Pre-recession client obtained a letter of offer from a building society to refinance. Client’s solicitor requested title deeds from existing lender in May 2008 in order to process refinance.

Despite repeated requests lender only delivered title deeds in May 2009, at which point refinance facilities were no longer available.

BRS subsequently contacted. Letter of complaint was drafted and delivered by BRS to lender. BRS negotiated a full and final settlement with lender of £360k.

Client had personally secured borrowings of £1.2m with total assets of £425k as a result of failed business venture.

BRS subsequently contacted and all options were reviewed. BRS assisted in bankruptcy proceedings without having to appoint a Solicitor resulting in favourable terms of discharge after just 1 year.

Both pre and post Bankruptcy clients retained residence in their family home.

Client had borrowings of £670k. Despite up-to-date payments lender was considering asking client to refinance. Lender subsequently requested that client’s wife provide guarantee for £3.2m representing total value of farm.

BRS contacted and subsequently secured increased lending to assist with expansion and succeeded in substantially reducing wife’s guarantee to level of borrowings.

Client had 5 property loans over 25 years at Base+1.25% and one bridgeover loan. Upon missing one quarter bridgeover loan payment client’s lender merged all finance facilities into a single cash advance of £875k, at a rate of Base + 1.5% + small Arrangement Fee.

Lender subsequently increased rate to LIBOR+1.75% + full arrangement fee. Following a further proposed increase to LIBOR+2.75% and despite full security, clients were advised if Facility Letter was not signed and returned within 10 days the lender proposed increasing the rate to LIBOR+6%. Facility Letter was not signed.

BRS subsequently contacted at this point. BRS have held formal meetings with the lender, have appointed and are working closely with experienced Solicitors to handle the case and are expecting a positive outcome shortly.

Client's business classic asset-rich cashflow-shy. Overall assets vastly exceeded outstanding liabilities. Despite solvency client was advised (not by BRS) to enter into Individual Voluntary Arrangement (IVA). Land if not sold within 12 months of arrangement was to be immediately sold by Insolvency Practitioner. Due to recession land did not sell within 12 months.

BRS subsequently contacted. Having undertaken an immediate search BRS established there were three judgements (CCJ) oustanding. These had all been satisfied however no 'notice of correction' had been lodged. BRS arranged for notices to be lodged accordingly. Subsequent refinance package arranged by BRS ensured sale of land was not required.

Three individuals involved in partnership. One of the partners and his wife formed a separate limited company. Dispute arose regarding partnership proceeds being utilised for limited company activities. Combined borrowings of £1.25m. Dispute ongoing for three years.

BRS contacted. Within 4 months settlement agreement reached with Bank relating to both partnership and limited company, saving clients circa £100k.