Receivership

receivershipCatalyst has extensive experience acting as "Court Appointed Receivers" to protect the real estate while the principals and institutions determine the appropriate course of action.  Catalyst has the construction capability and experience to assist in repairing any deferred maintenance, correcting life safety issues and code violations, as well as the ability to oversee any necessary capital improvements to help reposition the asset for sale.

We are proud that Catalyst has been asked on many occasions to continue as the property manager by the borrower or the new purchasers of the property based on their reviews of the work performed and the progress made.

Our property management team will immediately assess life safety concerns; conduct a comprehensive unit by unit property inspection; assess inventory, take control of property bank accounts and audit collection records.

Operational, maintenance and accounting procedures are quickly put in place and an inventory of property assets will be filed per the Receivership Order.

Monthly financial statements and operating reports are submitted to the court and appropriate parties. At the conclusion of the Receivership, a final accounting is submitted to the court and appropriate parties.

Objectives:

  • Assess life safety needs
  • Secure the physical asset
  • Collect available funds and tenant receivables
  • Establish management and procedures that protect and preserve the asset
  • Establish personal property inventory and supplies on hand
  • Prepare the property for best possible sale price or position the property to be successfully placed back in the borrowers hands

Services Outline:

  • Place management team to ensure structure and confidence of tenants and others.tammie
  • Fiduciary of the court with full accounting of all income and expenses.
  • Reports tailored to the needs of the court and secured creditors.
  • Authorization, audit, control and payment of payables.
  • Satisfy institutional requirements.
  • Full review of all contractual services.
  • Work with municipalities to address code violations.
  • Mobilize renovation teams to assist the lender in repairing critical deferred maintenance and addressing life safety issues.
  • Oversee any necessary capital improvements to help reposition the asset for sale.

Contact Tammie Harrington about Receivership Services at tharrington@catalyst-ps.com

States We Have Coverage In, Currently Manage or Have Managed and Sold

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