Lloyds Banking Group has lined up a former Land Securities operational chief to help the restructuring of its distressed property loan book.

Mark Collins, who was instrumental in reshaping the UK’s largest property company as chief operating officer before his departure in 2006, will work with distressed borrowers to find solutions on loans that have breached covenants.

Lloyds, as with other banks, has been slow to call in distressed loans as long as borrowers are paying interest, and has been extending loans on more favourable terms.

Financial Times