ptsb sold a large distressed loan book comprising commercial and
buy to let properties last year.The buyer was Deutsche bank and Apollo
which in turn set up a new entity called Havbell to run the operation.
Havbell then appointed Fitzwilliam Loan Management to liase with all debtors.
Fitzwilliam made it clear from the start that they wanted all properties sold or
remortgaged at market value and a payment made towards the residual debt.
I am negotiating on behalf of a friend with Fitzwilliam since last september.The
initial discussions were straightforward get a valuation and make a proposal.Loan
amount 1.4 million secured on a small commercial development in a poor area
current valuation from national estate agent 375k.Our offer is current valuation
plus my friends savings of 80k total 455k.Fitzwilliam are now disputing valuation,
forensically examining statement of affairs,threatening receivers etc.We are unable
to get a yes or no to our proposal just endless queries.I have no idea how much
Havbell paid for each loan but the rumour number is ten to twenty percent for the
most distressed ones like my friends.I know he is liable for full amount but they
want out and what do other much more knowledgeable posters think.Is our offer
realistic bearing in mind that my friend has no other assets or income of any kind.
buy to let properties last year.The buyer was Deutsche bank and Apollo
which in turn set up a new entity called Havbell to run the operation.
Havbell then appointed Fitzwilliam Loan Management to liase with all debtors.
Fitzwilliam made it clear from the start that they wanted all properties sold or
remortgaged at market value and a payment made towards the residual debt.
I am negotiating on behalf of a friend with Fitzwilliam since last september.The
initial discussions were straightforward get a valuation and make a proposal.Loan
amount 1.4 million secured on a small commercial development in a poor area
current valuation from national estate agent 375k.Our offer is current valuation
plus my friends savings of 80k total 455k.Fitzwilliam are now disputing valuation,
forensically examining statement of affairs,threatening receivers etc.We are unable
to get a yes or no to our proposal just endless queries.I have no idea how much
Havbell paid for each loan but the rumour number is ten to twenty percent for the
most distressed ones like my friends.I know he is liable for full amount but they
want out and what do other much more knowledgeable posters think.Is our offer
realistic bearing in mind that my friend has no other assets or income of any kind.