Pindar, who has a second charge over Edwards's Berkshire home, made the loan in 2002 to help her to buy the 110ft catamaran Maiden II.

Edwards missed payment dates on 5 January and 1 July this year. Pindar said: "When a loan is overdue, at some point you say 'Can I have it back please?' It's nothing more complicated than that."

In a statement released last week, Edwards said of the purchase of Maiden II: "Everyone was fully aware at that time that it could be tough raising funds to return investment. We are all over the age of 21 and all went in with our eyes wide open."

Pindar, who is also chairman of Vision in Print, said: "That's why we put a loan agreement in place and took security. If we're all over 21, it's no surprise that people would expect you do to what you said you would do."

Pindar said that this would not affect his support for other sailors in future.