Testimonial - NH

If you’ve met Glenn Mc Dowall before, then I don’t really need to write anything because you would surely see and know what I know! But if you haven’t met or heard about Glenn before, then let me tell you that although there are many people in the country who do the same job as Glenn (or they claim to!) Glenn has a very special personality that accompanies him in his profession in the special fields that he concentrates on.

I’ve known Glenn now for almost 4 years and have worked with him closely on various matters. Glenn has proved to be a serious sophisticated professional with brilliant negotiation skills like I’ve never seen before. On all the cases that I’ve introduced to Glenn, it was never the case that nothing was achieved.
I’ll point out two recent cases;
1) A commercial portfolio with a debt of £1.6m, which started to become messy due to lack of rental income (due to vacant units that proved difficult to let) that couldn’t even service the interest element of the mortgage payments, the bank were applying pressure and the usual procedure started with the bank! I didn’t wait and immediately appointed Glenn to handle the matter. At first the bank immediately stopped the pressure and I could relax and rely upon Glenn’s capability to carefully come to some solution. Finally after 4 months of talks and meetings with various different options proposed,  the bank agreed to Glenn’s offer of a full and final settlement for £1m, thus wiping out £600k of debt and breaking a swap rate worth £350k.
2) Two commercial properties mortgaged to a building society with a debt of £2.4m. The BS carried out its own valuation and assessed the total value at £1.2m. The BS issued demands in accordance to the loan agreements and demanded over £1m to be repaid immediately. This matter became very aggressive, and the BS kept on warning of appointing LPA receivers to dispose of the assets which would leave a massive loss. Glenn had his first meeting with the BS and whilst they didn’t seem to want to let go, Glenn managed to get them to draw a line and to stop with their demands. The matter was put on hold and the BS later agreed to just to continue to collect the rent and to slowly reduce the capital and wait a few years to see how things become.

In both cases, without Glenn’s carful and clever approach all the assets would have been gone which would have given its directors a heavy blow being labelled as people who were in default, bad debt etc. and it would be impossible to do any future business with any bank or BS.
Whilst its not always possible to do a full and final settlement its always possible to stop the bank with their actions and come to some agreement with them, so whatever the case is, something could be achieved to satisfy the client, but the main thing is to appoint him in the early hours of the problem rather than waiting until the receivers are on the phone!
A very important point – the customer negotiating direct with their bank is always a week thing as the bank look at you as you are in default etc.. and they have you in their bag and can do as they wish, and however sophisticated you are, when it comes to your own case, never try to negotiate yourself, let somebody do it for you – believe me that banks cooperate with a negotiator far better than with the customer himself. It’s not an idea, it’s a fact.

Finally, Glenn works very close with his clients and enjoys meeting and talking to them regularly. The difference between Glenn and many other experts in this field who I have met in the many years is, that Glenn works ‘with’ his clients, whilst others work ‘for’ their clients, and that is ‘the’ major difference.

I wish Glenn lots of success, health and happiness.

N.H. – London

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