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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.