Post by 09dolphin on May 8, 2021 18:15:40 GMT
I ask if RBS are prepared to enforce the security pledged as one loan made 3 repayments before the borrower agreed to pay interest only from 4/6/19.
It had been agreed the property used to secure the loan would be marketed for 3 months in November2019 ( ie until Jan/Feb 2020). I assume a sale was not agreed but as there is no information available on the website lenders don't actually know what the situation is in regards to security.
Now the borrowing company appear to be defaulting on the interest only payments which I assume RBS expected to continue forever without any capital repayments whatsoever.
What happened to the agreement that the property used to secure the loan would be sold well over 1 year ago? Was the property sold before Covid19 took hold and RBS basically lost control of the security? When are RBS going to update lenders and explain exactly what the situation is etc? How long are RBS going to tolerate this situation.
I do note they have sent an email to the lender "demanding" payment of interest.
Obviously RBS are incapable of managing this loan so perhaps it's time for lenders to take control.
It had been agreed the property used to secure the loan would be marketed for 3 months in November2019 ( ie until Jan/Feb 2020). I assume a sale was not agreed but as there is no information available on the website lenders don't actually know what the situation is in regards to security.
Now the borrowing company appear to be defaulting on the interest only payments which I assume RBS expected to continue forever without any capital repayments whatsoever.
What happened to the agreement that the property used to secure the loan would be sold well over 1 year ago? Was the property sold before Covid19 took hold and RBS basically lost control of the security? When are RBS going to update lenders and explain exactly what the situation is etc? How long are RBS going to tolerate this situation.
I do note they have sent an email to the lender "demanding" payment of interest.
Obviously RBS are incapable of managing this loan so perhaps it's time for lenders to take control.