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Real estate agency, Canberra ACT
- Estimated Savings: $1,000,000
- Total Cost: Less than 10% of savings
- Case Type:Bank Foreclosure
A real estate business in Canberra was referred to Rebuild Now by a finance broker. The broker was endeavoring to pursue finance to enable the director of the agency to pay out an ‘inherited’ bank debt which transferred with the business when it was purchased. During the property downturn the director was unable to service that debt. The existing lender sought to 'call in' the debt.
Rebuild Now identified an asset sales program (at full value) and then negotiated an interim payment arrangement with the bank. The bank was satisfied that the director had involved an expert third party (Rebuild Now) to verify the program and to ensure compliance with the new arrangements. Rebuild Now supplied fortnightly (then monthly) reports to the bank, and continues to mentor the business performance of the real estate agent business and the director.
Once the business base has stabilised (the bank is paid out), Rebuild Now will assist the director to properly restructure and re-engineer the business.
The bank was in the process of appointing a Receiver, the cost of which would have rendered the company insolvent and immediately required the sale of its valuable rent roll asset, worth approximately $900,000.