A small development located in the main town in Surrey had failed to sell, the Bank had an agreement with the developer that if not sold by 2010 then the developer had a guarantee buy back at 95% of build cost which exceeded 2009 price levels by £1 Million giving the developer a cause for concern.
We were requested to assist with the sales of the unit, numbering in excess of 20, and negotiate with the Bank to bring a successful conclusion.
With long protracted conversations we convinced the Bank that the developer could ill afford such a loss and the potential for the vehicle holding the contract to fold was real, from here we gained their agreement to sell the units at a given price and quickly found an investment buyer who purchased the entire development at full market value being independently verified by Savills. Thus we removed the liability from the company and worked with developer and purchaser to a successful conclusion.
