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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I having a bridging loan on a business property which is run

Resolved Question:

I having a bridging loan on a business property which
is run as a care home. I had a buyer for the business so I could repay
the bridge loan, however this has now fell through.
The Bridge company and myself have been giving the potential reciever
updates on the sale.
It looks like I will have to call the reciever tomorrow to appoint,
My question when they look to sell the business will that look to
sell at market value or just enough to cove the bridge loan back.
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,
Normally, the lender try and recover their loan and do not always go with the market value of the property, sometimes they do and other times they don't, especially as you have seen in your case where you have been unable to find a buyer yourself on the open market.
May I help further?
Customer: replied 3 years ago.
With it being a care home and is worth a lot more than the bridge loan, if they did sell for just the loan value
Could I not action against them for selling at a lower price.
Expert:  UKSolicitorJA replied 3 years ago.
The lender has a responsibility to ensure that they sell for the best price reasonably available and you may apply for a court injunction against the lender if you feel that they are selling at an unreasonable price. However you must apply for the injunction before the property is sold.
You may try and find another buyer before calling in the receiver, or let the lender appoint the receiver, or try and buy some more time.
You may make a claim against the lender for compensation but there is no guarantee that you will win I am afraid.
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