06.10.2008 - Scottish property market expects fallout from HBOS takeover
From Propertywire.com: The takeover of HBOS by Lloyds TSB could lead to distressed properties coming onto the property market in Scotland and hit builders who are funded by the bank. According to one property analyst HBOS has given both debt and equity support to commercial property firms and clients and was generally reluctant to take action against borrowers who breached their banking covenants with lenders. But David Davidson, a partner at Cushman & Wakefield, warns that the new owners may not be so amenable. 'HBOS has equity stakes in high-profile companies, such as Miller and Cala. There are almost no property companies without exposure to the bank. .... Full Article: Source