Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
I had a property sold by my lender for what I believe was undervalued.
It comprised of a house converted with consent into 4 x 2 bed flats producing £5200 per month on ASTs.
The lender kept the property for 1.5 yrs systematically vacating each flat thus reducing income. I believe each flat should have been sold separately, but instead after such a long period exchanged contracts who subsequently sold the contract at auction 2 weeks later and made £160k profit!
Does anyone know if any other cases of this kind have been reported or any comments greatly appreciated.
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