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SFP Property was brought in as receiver for a multi-site residential portfolio of properties in North London. The portfolio had been in receivership for 18 months previously and the incumbent receivers had allowed squatting on part of the portfolio, skip loads of rubbish had been dumped on site and the properties were flooded and in disrepair.
SFP Property was appointed as replacement receivers and within two weeks of appointment, the squatting issues had been resolved, the properties had been refurbished and cleaned up in preparation for sale and a strategy had been formulated in respect of an orderly disposal of the properties.
SFP Property developed and implemented an appropriate strategy recovering approximately 15% above expectations, and thus enabling the lender to recover almost their entire level of debt owed.