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Case Studies
Case Study 1 - Norfolk Listed Estate - (Asset Recovery)
In the first quarter of 2008, Orion attended a security property which comprised of 2 flats in a development of a listed former Country Mansion in Norfolk. The borrower had planning permission to create apartments, but in reality had converted them into (and was using them as) hotel style room lets. 11 lenders in total had charges over the property/Estate and had lent to 8 borrowing legal entities of the borrower.
Case Study 2 - Liverpool Victorian Mansion Villa - (Asset Recovery)
Orion was instructed to investigate a loan where the lender had taken a second charge over a development property in Liverpool. A large Victorian Mansion House had been converted by the borrower into 11 self contained apartments.
Case Study 3 - Essex Farmhouse - (Asset Recovery)
The Lender had a 1st charge over an Essex farmhouse with a number of outbuildings in close proximity, one of which was being used as a nursery. The borrower defaulted and the previous owner who had a vendor's lien secured by way of a second charge managed to obtain possession with a view to selling the property and recover the sums owed to her.
Case Study 4 - London development - (Asset Recovery)
The lender requested the advice of Orion at the early stages of a loan that was in default. The property was a house converted into 10 bedsit units all let on short term residential leases. Orion was quick to establish that the value had decreased due to market conditions rather than a valuation issue. It was clear that the lender would not recover their equity if they repossessed the property and sold as mortgagee in possession. The amount achieved would not cover the capital let alone costs.
Case Study 5 - Engineering industrial unit in Wales - (Asset Recovery)
Orion was instructed to intervene in a loan where the tenant was an engineering company occupying a 1960's industrial warehouse. The lines of communication between lender and borrower had broken down and legal proceedings had been commenced with a view to taking possession.
Case Study 6 - Suffolk Residential Block of Flats - (New Loan)
Orion was instructed to assist with a new loan by providing opinions on the property and the risk. The borrower was a small building contractor who was purchasing a block of 10 flats. The block was one of 12 identical blocks and the contractor had the refurbishment contract of four other blocks. He had managed to agree a purchase and the build contract for these four other blocks at the same time. He had also managed to negotiate access prior to completion of the block that he was purchasing. Orion's client was putting the money up to help complete the purchase. All of the blocks were in need of being stripped back to expose brickwork and then to totally refurbish each flat, along with external repairs to brick work and roof.
Case Study 7 - Hertfordshire House - (Repossession)
Orion was instructed to deal with the repossession of a 5 bed detached house in Brookmans Park on behalf of one of its clients. An order for Possession had been obtained. Orion met the County Court bailiff at the premises along with a contractor and successfully took possession of the property. The locks changed and the services drained down in order to comply with insurance requirements for empty properties.
Case Study 8 - Middlesborough Office Block - (LPA)
Orion had previously worked with a client on a loan which was having difficulty being refinanced. Orion was able to provide comfort to the lender that they were secure with regards to their LTV. However our advice was to obtain additional security in return for an extension that the borrower was requesting in order to provide him with additional time to secure the refinance.
Case Study 9 - Folkestone and Margate Buildings - (LPA)
Orion has a client who had a loan in default. Orion had been appointed as LPA Receiver. There were two securities; one comprising 5 vacant flats in need of refurbishment and a second comprising 3 flats two in need of completion to building works and a third which was let out. Following Orion's appointment we arranged for access to the property via locksmiths and arranged for agents to meet me on site in order to explore the best way to dispose of the properties. We explored whether a higher price would be achieved by completing the works and selling off as individual units. After all options were explored it was decided that they were best sold as two vacant buildings needing completion.
