Chandra Patel

Registered with Property118.com
Tuesday 14th June 2016


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Total Number of Property118 Comments: 1

Chandra Patel

23:53 PM, 14th June 2016, About 6 years ago

Landlords raise over £30,000 via Crowdfunder in just 5 days

We had 2 commercial mortgages one of which the initial term was coming to an end and the rate of interest was going to fall significantly and one for which we had found another lender with a much better rate. They held both buildings as security stating we had broken the terms of the mortgage as the value of one of the properties had fallen below a certain amount. We offered to put in extra monies but this was refused and without informing us they started receivership proceedings. To avoid receivership they agreed to release our buildings on condition we remove both mortgages thus not allowing us to pay a much lower interest rate with them. They charged us the penalties for leaving the mortgages early, even though they had forced us to do so. They even charged us for the directors and chairman's time time in discussing our case. They behaved highwaymen and because it was a commercial mortgage they got away with it. Beware of West Bromwich Building society. AVOID... Read More