CG&Co’s property cases reach £300m
CG&Co witnessed growth in the volume and value of property-related cases during 2019, with the value of the properties under its control reaching £300m.
The firm, which specialises in property receivership, experienced a 40% rise in the number of appointments and a 200% increase in the value of the properties under its control.
Over the past 12 months, bridging loans have also accounted for a higher percentage of these cases.
CG&Co attributes the increased number and value of these appointments to the tough economic trading conditions faced by borrowers combined with the rapid growth of the bridging sector.
Daniel Richardson (pictured), partner at CG&Co, said: “The poor performing property market has resulted in an increasing number of defaults in the bridging sector as borrowers find themselves unable to achieve their exit plans, either by sale or refinance.
“In addition, the bridging sector is growing with a constantly increasing number of borrowers turning to this style of funding over the past 12 months.
“As a result, the volume of defaults across the market has shown a corresponding increase.”
“Regardless of where a property is located in the UK, we take a hands-on approach from the initial actions through to completion – our clients like the fact they always deal with a partner.
“From the outset, we’re entirely focussed on taking control and formulating the right strategy to get a loan repaid in the shortest possible timescale.”
Richardson concludes: “I firmly expect the bridging market will be busier than ever over the next 12 months as borrowers continue to seek quick competitive property finance.
“It is also to be hoped that the property market continues to pick up throughout 2020, which should enable borrowers to implement refinancing as confidence grows and valuations improve, or indeed assist in disposal strategies in recovery situations.”
Founded in 2012, CG&Co specialises in confidential business advice.