The Situation
Served as court-appointed receiver
In this role, negotiated settlements with utility providers – water, electricity, gas, cable – for borrower’s past due invoices. We also brokered an agreement between the lender and the borrower, enabling the lender to foreclose and take fee simple title to property.
The Approach
Improved operations via asset management services
Served as the asset manager for the property during its four-month marketing period, overseeing and executing the following tasks:
- Established a formalized program to control rental rates for new and renewing tenants
- Implemented stricter leasing requirements to ensure a stable tenant base
- Recommended and oversaw the completion of many repairs
- Monitored and approved all expenses
- Enhanced tenant amenities
In this role, negotiated settlements with utility providers – water, electricity, gas, cable – for borrower’s past due invoices. We also brokered an agreement between the lender and the borrower, enabling the lender to foreclose and take fee simple title to property.
The Solution
Strong recovery for lender
The work we provided allowed the lender to recover approximately 80% of its loan amount, the highest percentage this particular lender had recovered on any of its foreclosed assets across the country that year.
