Refinancing

I manage a rental property company and am in the process of refinancing a portfolio of properties. The refinancing is now on hold pending a decision on whether a well-known high street store that has gone into administration will close the store which forms part of the portfolio.
The refinancing is urgent because of the lender’s requirements and this delay will cause significant problems. What can I do?

Take legal advice, establish contact with the administrator on a without-prejudice basis, keep an open dialogue with your lender and participate in creditor meetings. Establish whether the administrator wants to keep your property. If they use your property for the benefit of the administration, then the rents will be paid. Also establish whether your property will be part of any pre-packaged sale of the business. Both could assist the refinancing.
An authorised guarantee agreement (AGA) may be in place if the lease was previously assigned. Under an AGA, the previous tenant guarantees that the assignee will perform the lease obligations.
If the lender is made aware of a guarantee from a third party of good standing, it may allow the refinancing to take place. Are you in a position to refinance any other portfolio, divide them differently, and bring down the loan to value? Taking a hit on one portfolio is preferable to a lender calling in the loan and the risk of having a receiver appointed over other properties.