When a landlord with an extensive estate of multiple tenants wanted to support them during the pandemic, our client finance team pulled out all the stops to develop a strategy and solution that was speedily delivered.
From the outset of the pandemic, a well-known landlord was concerned about their tenants ability to trade, wanting to balance estate income against longer term occupation. Our Client Finance team worked with them to offer tailored options from rental discounts and turnover related payments to spreading rental payments where needed. With a vast estate, multiple small and medium sized tenants and a fast turnaround required, this was a monumental, complex challenge but one that we were ready for. Newly working from home our teams were agile, committed and worked long hours to quickly develop and instigate new processes that, once implemented, meant that thousands of credit notes and account statements were raised in just days. With full visibility over their current and expected future position, our client can now avoid uncertainty and navigate their own financial position.
As part of the wider BNP Paribas banking group, the strict discipline and controls that our team operates under meant that, despite the high number and value of refunds needed, we managed and mitigated all risks successfully. Communications with tenants were clear, refunds accurate and swiftly made and customer feedback about their landlord’s high level of financial support during this difficult period was extremely positive. We continue partnering with our client, reporting on the financial impact of Covid-19 on their estate and helping them and their tenants prepare for their Next Chapter.
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