The wind out of the loans held by RBS Capital Resolutions (RCR) in Ulster Bank is due to complete with a final loan sale in September 2015. Project Arran in December 2014 saw the disposal of the loan book relating to property borrowings and the focus has now turned to the SME lending book.
RCR envisage finalising the borrowings to be included in their SME loan book by early April for disposal. With this in mind they have agreed to allow borrowers currently within this book to approach them with a final offer to refinance the debt through a third party bank. It is important to note the following timelines:
- Full and Final Offer (with supporting term sheet) to be submitted by 28th Feb 2015
- Full refinancing to be completed by 31st March 2015
It is vital for any borrower to be very proactive given the tight timelines and that they ensure all paperwork is available to support an application. The offer submitted to credit will need to be realistic and corroborated by relevant valuations and analysis – there will be limited time available for negotiation!
McInerney Saunders has a wealth of experience in dealing with restructuring clients and can assist borrowers with both restructuring support and applying for refinance through a third party bank. If you or your client would like further information, please do not hesitate to contact Neal Morrison on firstname.lastname@example.org or at 01 8404029.