How is that loan coming along Terry?

Not looking good if the NBR is anything to go by:

Controversial lender Western Gulf Advisory and its founder Ahsan Ali Syed have defaulted on payments related to the purchase of Spanish Racing Santander football team, triggering moves to strip Mr Ali of ownership.

WGA took control of the football team in early February with part of the deal involving taking over the ?6.7 million debt owed by the club to the local government. While the first ?2 million payment was made, the second payment’s deadline of Friday was missed,?Bloomberg reported.

WGA and Mr Ali’s lending practices – charging millions in upfront fees for undelivered loans – have come under enormous scrutiny in New Zealand and Australia.

Wellington developer Terry Serepisos is waiting for a $US100 million loan from the lender, and?last week NBR broke the news another New Zealand “borrower” has contracted a former police detective to look into WGA.

Looks like?Ahsan Ali Syed go chop your dollar Terry.