Receiverships: Protect, Preserve, and Enhance Asset Value
The COVID-19 pandemic may lead to a new round of distressed real estate and, consequently, a need for court-appointed receiverships. Historically grounded in equity jurisprudence, receiverships do provide one of the most formidable and practical remedies available to creditors.
In most states, a real estate receiver is a court-appointed individual who is given custodial responsibility for real property that serves as collateral for a loan in default. Once appointed by the court, the receiver completely displaces the borrower and becomes responsible for the assets related to the property. Owing a fiduciary duty to the court and parties involved in the litigation, the receiver makes all decisions regarding management and operations, including leasing, improvements, and in some cases, positioning the property for sale.
Our primary responsibility as a receiver is to protect and preserve the real property collateral, we also pride ourselves on the ability to increase the value of the distressed assets in receivership. We employ our experienced leasing, property management, and sales teams to reduce the vacancy rates, increase revenue, and improve property integrity so that the asset will bring the highest possible purchase offers.
Latitude Commercial provides commercial real estate services such as purchasing, leasing, landlord representation, tenant representation, and property management throughout Northwest Indiana and the Chicago Suburbs. To find out how we can help you find a new home for your business or manage your investment property, call us today at (219) 864-0200.