LPA Receivership

Waterfold was appointed by one of our clients, a specialist bridging finance lender, to act as LPA Receiver on a detached property in Birmingham. The borrower was in arrears and no longer in contact having moved abroad. Despite attempts by the lender’s collections team no contact had been made and the status of the property was unknown.

Immediately upon appointment, Waterfold arranged for a physical inspection of the property to confirm occupancy status and began making contact with the borrower and loan guarantor. It was quickly established that the property was tenanted and the guarantor had changed address. The managing agent for the property was contacted and arrangements made for the rent to be collected directly by Waterfold and a full pack of tenancy documents were obtained.

Both the guarantor and borrower were traced however, due to an inability to make payment a sales strategy was proposed. The property was subsequently sold via auction generating sufficient value for the lender to recoup both capital and interest in full. This was only possible due to our swift action and steps taken to protect the full value of the property by establishing full occupancy details.