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Over the last few months we have engaged with a number of USA private equity funds via their loan-managing agent with a view to bringing a solution on behalf of our clients, in relation their loan facilities that have been sold.

An observation would be that these meetings are getting shorter and the discussions frank and candid.  The language on show runs along the lines of, “Our client bought your loan, you now owe our client the money, they are not a bank and we would be looking to understand how you propose to settle the debt in full in the next few months”. Short, sweet and to the point.  For GDPEE, we are now used to this kind of scenario, tone and temperament, however the same cannot be said for our clients.

This week one of our team was in such a meeting where our client had his loan sold by Ulster Bank, which related to the family farm. Our client is still very aggrieved that the bank sold his loan in the first place, as they didn’t get his consent and also due to the fact he never missed a payment with the bank since he took the loan out.   The loan is secured by farmland in Antrim that has been in the family for over two hundred years.  The ultimatum our client now has to consider, is that unless there is an acceptable repayment proposal on the table by the end of July, it is likely the new owner of the loan will enforce and try and sell the land. 

You can imagine that our client is still trying to come to terms with this position, given the fact it is highly unlikely he will be able to raise the kind of money required in such a short space of time.

The point of this blog is really to inform and educate people on what is actually going on out there today in society in relation to the process of loan sales and those unfortunate enough to find themselves in this position.  This is unprecedented territory for borrowers in Ireland, as we have never had to deal with a this loan sale phenomenon before.  Most people have little to no understanding of the process and the out-workings on each occasion are one of fear, anxiety and stress for the borrowers.

In relation to this specific case, we are hopeful that through our practice we might be able to broker some kind of creative solution between both parties, however the clock is ticking.

If you have had your loan sold and need some guidance or maybe a second opinion with regards to your strategy, we would love to hear from you today.


Darwin AllenComment