Lloyds and Grainger in property deal

Lloyds Banking Group will work with Grainger in a tie-up that will see the residential landlord manage a portfolio of homes on behalf of administrators. The innovative system will help return value to thousands of non-performing loans from Lloyds-backed housing groups that have fallen into administration. Non-performing loans from Lloyds’ so-called bad-bank, some of which is comprised of former buy-to-let loans backed by HBOS, are worth more than £500m.