In the Loop - May 08
As Possession orders top 35,000, lenders look to innovative alternatives
19 May 2008
As the levels of arrears rise across the board, lender are looking to creative new solutions to help strike the right balance between arrears levels, possessions and write-offs.
By using a combination of property sale expertise and a development team with a background in Possessions management, we are making sure that our services assist lenders at every step of the Possession process. Martin Gatenby (pictured left), formally of Bradford and Bingley, recently joined movewithus as a development manager to give our team a unique perspective from his vast experience in the mortgage arrears and Possessions field.
Martin Gatenby said: “We are looking at every stage of the chain – what can be done before Possession occurs; what happens at the point of Possession; what happens while the property is in Possession and what happens when the sale has been agreed. Here we have a clear advantage because most ‘asset managers’ only look at how to sell once in possession.”
As first quarter figures show upwards of 35,000 Orders for Possession granted through the courts in 2008, our unique approach to the possessions process is proving invaluable for our lender clients. We are continuing to attract new business every month as lenders see the benefits of the services we provide.
Peter Gammon (pictured right), movewithus asset management director, commented: “Pre-possession gives lenders the ability to proactively manage ongoing debt provision. It’s also an invaluable ‘borrower friendly’ solution, enabling customers in a difficult financial situation to sell their properties at the correct market value and avoid the prospect of possession or selling at a distressed price.”
If properties are repossessed, our service extends to providing lenders with a sale service which quickly and efficiently unlocks capital, enabling lenders to reinvest in their core businesses.
Peter Gammon continued: “Our tightly managed property sale procedure underpins our Possessions services. Accurate pricing is the key - whether we’re dealing with a Pre-possession or Possession property sale, we make sure that properties are valued accurately at prices that will sell quickly. Our network of agents adhere to strict service parameters which makes sure that only those valuing accurately are given instructions.”
Martin Gatenby added: “What has been really apparent to me since I joined movewithus is just how good the team at Grant Hall is. We are working really hard to make sure that lenders can see what we can see and what our clients already know – that we take our work seriously and we do it better than anyone else.”
