Debt Settlement
Background
Borrower had 2 properties which he had purchased with a loan secured on the properties. The loan was underwater and with a balance of €1.72m. The properties were worth today a combined €1m. The loan was acquired by a fund who came to an agreement with the borrower to settle for €1.1m provided settlement could be made immediately i.e. within 6 weeks. The borrower was unable to secure finance, consuming three weeks in the process. He was now in danger of losing the settlement, the properties to a receiver sale, and assuming the rump of the debt personally.
Result
Pinemont financed €700,000 of the transaction being 70% of the valuation for 6 months allowing the borrower to cement in the debt reduction and ultimately retain the properties. The finance was placed in 10 working days
A successful outcome for the borrower with a debt write off of €620,000 and retaining the properties.
Case Study
Find more case studies below.
Case Study
Debt Settlement
A successful outcome for the borrower with a debt write off of €620,000 and retaining the properties.
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Case Study
Working Capital Funding
A successful outcome for the manufacturer enabling him to honour the highly profitable contract and secure recurring business.
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Site Acquisition for Development
Another successful outcome for the builder, saving his deposit of €260,000 and securing the opportunity to make a significant development profit.
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Case Study
Construction Completion Notice
A successful outcome for the manufacturer, saving his deposit of €100,000 and securing the premises to make a long term increase in production.
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Pinemont Finance Limited was founded in 2015 by our CEO Niall McHugh and COO Enda Bannon. Since then, we have successfully provided funds for numerous transactions over the years. Pinemont is a financial solutions provider and provides short term secured funding to businesses in Ireland and the UK at very short notice.
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