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What steps does SCP take when a borrower defaults?

If a borrower fails to meet their repayment obligations, Southern Cross Partners follows a structured process to protect investor interests:

  • Immediate Action: We contact the borrower to understand the situation and seek a resolution.
  • Default Interest: Additional default interest is applied to the loan, -
  • Formal Enforcement: If the borrower cannot remedy the default, we issue a Property Law Act (PLA) notice, giving them a set timeframe to comply.
  • Mortgagee Sale: If the borrower still does not meet obligations, we proceed with enforcement, which may include selling the property under mortgagee sale provisions.