Client presents with the following scenario:

• Client actively purchased and sold numerous residential properties by harnessing equity in existing properties they owned over a 10 year period.
• Client had always maintained a solid relationship with the bank and had on-going support with all prior lending requirements.
• Client had requested retention of partial sale-proceeds to assist cash-flow and loan interest costs over the Christmas/New Year period given the historically quiet time of year for property transactions (this request would have still maintained a maximum Loan to Value Ratio (LVR) of 80%).
• A miscommunication between the bank and client resulted in the full sale proceeds being applied to the reduction of debt, leaving the client with no access to funds.
• Client defaulted for a period of three months and incurred default interest on their total debt.
• The bank commenced recovery action against the client

Client’s objectives were:

• Avoid the forced sale of any assets.
• Release partial sale proceeds back to the client, in terms of the original agreement with the bank.
• Retain support from the bank as a long-standing client

DJ Partners achieves results for clients:

Following discussion with the Bank DJ Partners confirmed:

• Ensured all default interest was reversed
• Stopped any recovery action against the client
• Achieved reimbursement of funds to the client from the sale proceeds and the capitalisation of residual interest