On the subject of Personal Guarantee.
As an old finance company executive, have had experience with this.
Most borrowers think, the lender will sell up the primary security & look to the collateral second. Does not have to be.
A default is a default. The flood gate is open, all options are on the table.
If the borrower is being difficult ( i.e. baulking at additional security ) the best way around all this, is to go the secondary security first, i.e. call up the personal guarantee, put his personal assets at risk ! It is amazing how this suddenly transforms the borrowers attitude.
CMI legal team, take note.
On the subject of Personal Guarantee.As an old finance company...
-
- There are more pages in this discussion • 4 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
