Business
$1.9M
Refinancing an expired corporate facility out of default
A corporate borrower's business facility had expired and a previous broker could not move it. Exit fees and a high default rate were mounting, and the principal was overseas on a family matter. We arranged a temporary facility to discharge the outgoing lender and negotiated favourable discharge terms. The matter has since settled, which restored order and eased the default costs. Once the remaining loan-to-value conditions are met, it refinances to a long-term principal and interest facility at a materially lower rate.