The Video Transcription:
In this case, the businessman had 5 buy-to-let properties. There were large but not overly significant arrears in respect of each of the mortgages. The bank had appointed receivers to all 5 properties primarily because they hadn’t heard from the client or client wasn’t, in their view, fully engaging. The receivers were appointed prior to the consultation with the financial surgeon. The surgeon negotiates with the banks. It took a 6-month process but they then agreed to remove the receivers from all 5 properties. The surgeon then agreed a proposal with the bank over a 5-year period to restructure the loans at lower repayments which could then be met from the rental income.
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