Houses in Multiple Occupation

A large residential property in Newcastle in multiple occupation that had been subject to an enforcement notice on appointment from the local authority due to serious health and safety issues that had not been dealt with by the borrower.  The property was in a very poor state with sitting tenants and an immediate sale would have resulted in negligible realisation for the bank.  Working closely with the lender and the local authority the Receivers organised for the property to be substantially refurbished, existing tenancies were regularised and the remaining rooms were let to create a fully let, managed and licensed HMO with a subsequent investment value that exceeded the original mortgage balance and the resultant costs that had been incurred.

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