Our existing client reached out to us once again to obtain a viable commercial mortgage for their well-established public house in Shropshire. Unfortunately, the client was made bankrupt by HMRC. After 12 months the bankruptcy was discharged but they continued to pay into the bankruptcy for around 12 months thereafter. In this time frame, its bank called in the loan on the public house of £210,000. A valuation executed 12 months previously, by a reputable public house specialist firm was some £100k more than that done by the new lender 12 months later. Therefore, there was a £100k shortfall in the value of the public house!
N & T managed to negotiate with the bank and secured a settlement figure in excess of £135,000 only and secured another lender to provide a 10 year commercial mortgage.
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