Hi
I have significant RIP borrowings in my own name with a lender and of all facilities are operating withing terms.
However I have other faciliites with 2 other parties who stopped paying (the asset is not producing income). Sale of the property which we are anxiouis to effect asap will result in a shortfall and the bank is refusing to individualise the shortfall. Given that there are 3 parties involved this appears unduly harsh.
Does anyone have any experience of Banks allowing individual proportionate settlement of shortfall in a J&S situation?
I have significant RIP borrowings in my own name with a lender and of all facilities are operating withing terms.
However I have other faciliites with 2 other parties who stopped paying (the asset is not producing income). Sale of the property which we are anxiouis to effect asap will result in a shortfall and the bank is refusing to individualise the shortfall. Given that there are 3 parties involved this appears unduly harsh.
Does anyone have any experience of Banks allowing individual proportionate settlement of shortfall in a J&S situation?