The Charlbury Group has expanded its nationwide team of field agents. The move is designed to offer commercial field visits to help lenders and loan managers gather information on commercial loans in arrears.
The team will compile reports containing information gathered from both desk-based research and field visits. Such visits will be able to report on information from as simple as whether the business is open and still trading to more in-depth information gained from an interview with the borrower.
At this visit the agent can obtain copies of the accounts, details of trading figures and the reasons for the arrears.
Paul Duckworth, director at The Charlbury Group said: “The importance of local knowledge when deciding what course of action to take with a commercial loan in arrears has never been more important. The challenge for lenders without a nationwide network of staff is that when a borrower does not answer phone calls or respond to letters there is little option but to proceed down the repossession route. We’re finding that lenders are struggling to find enough people ‘on the ground’ to make contact with borrowers.