Before we appoint a receiver formally, we ask the same firm to advise us as to the best way of positioning ourselves to recover loans in the most time-efficient and cost-effective manner. The firm will generally work with the borrower to investigate their current position and the security property before ever taking on an appointment. This often leads to borrowers taking action to refinance/sell their property to secure repayment before the receiver is appointed, so is a good way of encouraging a resolution.
Articles in this section
- When do you consider a loan to be ‘non-performing’?
- What happens if a borrower wants to extend a loan?
- If a loan does become non-performing, how long will it take me to get my money back?
- When would you appoint a receiver?
- What happens to my lending if Lendy goes out of business or closes?
- What is your debt recovery strategy?