Matthew Harvey

Hi Terry,

Note sure - these things are usually agreed behind a confidentiality agreement.

I understand there to be only a small amount of loans which are are 'non-performing' (i.e. where there are arrears/default) and it is this class of loans which would usually attract the highest discount.

However if I would have thought that UKAR was a very keen seller (for strategic reasons) and given that a lot of the pricing on the loans is at / lower than the pricing on loans originated today, then you would have to assume there was a sufficient discount to make the purchase attractive to Cerebus - otherwise would they not just originate mortgages now at a higher rate of interest?

Matthew... Read More

NW.....try this.....http://www.property118.com/member/?id=10821

Thanks,
Matthew... Read More

There were a few people looking to speak to me about Mortgage Express loans and the ability to negotiate a discount to the debt.

I have registered a business profile on Property118 and can be contacted through this for further discussion.

Many thanks,
Matthew... Read More

Hi Hugh,

We have experience in this area and have previously delivered a number of write offs on behalf of Bank of Ireland borrowers. Much will depend on the circumstances (e.g. status of the loan(s) - i.e. performing / non-performing - the scale of the debt and your ability to finance repayment).

Please see my business profile for further details.

Matthew... Read More

... Read More

... Read More

... Read More

... Read More

By way of introduction, we are a debt advisory practise in the UK and Ireland specialising in assisting borrowers in their discussions and negotiations with lenders. This can be in instances of arrears / non-performing loans, perfoming loans, the misspelling of interest rate products (e.g. swaps) and / or general issues of complaint.

The majority of our work is focussed on negotiating a discount to the level of debt in circumstances where the borrower can refinance or repay the outstanding liabilities.

In instances where a loan is perfoming to terms - i.e. payments are up to date and the borrower is compliant with the terms of the facility documentation - a lender is unable to change the terms of the loan facility as is being alluded to in the above. Therefore whilst the exact position would depend on the terms of the facility dopcumentation, it is unlikely that ME ha the ability to insist on interest only loans converting to capital and interest terms or a new (greater) interest rate for example.

We are currently engaged by a UK client with exposure to Mortgage Express where the loan facilities are performing to terms.

It is well publicised that Mortgage Express seeks to reduce its balance sheet and we have enquired as to the ability to obtain a discount or settlement to the level of existing indebtedness in the event that our client is able to refinance the borrowings. We have received a positive response from ME and now seek to negotiate the greatest discount possible on behalf of our client.
... Read More