Strettons boosts receivership service to lenders

Over the past 12 months, Strettons has expanded its receivership department with four new hires and an internal promotion, following growing demand.

The specialist team — which offers lenders advice on the best way to handle distressed property loans — is now led by Paul Joseph (pictured above), following his promotion to director.

The department was previously led by former Strettons managing director, Benjamin Tobin, who now acts as a consultant, and director, Phillip Waterfield, who ran the auction team for many years.

Paul has helped guide lenders through the associated implications of the eviction ban introduced at the start of the national lockdown, with the team regularly supporting a range of clients and lenders to exit and recover funds.

Clients include bridging and development lenders, international financial institutions, specialist development and short-term funders, as well as individuals. 

New team members also include senior surveyors with backgrounds in asset management, valuation and landlords and tenants, as well a case manager from Shawbrook Bank to support the team and streamline its offering for lenders.

“The strength of our receivership team lies in the efficiency of our service and the wide breadth of relevant experience and expertise we can draw on to create an appropriate strategy for each client,” said Paul.

“Clients recognise this and I am pleased to see the expansion of the department, our growing reputation in the industry, and the resulting increase in demand for our services.

“During these difficult times, lenders, or anyone that may have loaned or invested money and taken a charge over a property, may now be faced with understanding the issues around what steps they can take to recover a loan that is in default or over term. 

“This is where our expertise is invaluable, as many of our appointments involve complex insolvency matters (liquidation, administration and bankruptcy), fraud and other crime. 

“We have dealt with the full range of residential and commercial property and land of all sizes and values, successfully advising on the best means of recovery.”

Further high profile recruits are expected to be announced by the firm in the coming months.

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