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Case Study
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.
The appropriate agents were instructed and sales were achieved as quickly as possible in order to repay the loan. Orion also provided an opinion that there was a possible valuation claim against the original valuer and currently is helping their client with that claim process.
