for Lenders and Attorneys Representing Financial Institutions
When a loan goes into default, the lender typically has a strong case for the appointment of a fiduciary to protect its loan collateral. Accordingly, the Court often looks for a strong and proven property management company to step into the owner’s shoes and assume all duties and responsibilities. This party, known as a “Receiver,” (or “Keeper” under Louisiana law) owes a fiduciary duty to the Court and all parties involved in the litigation. Primarily, the Receiver/Keeper’s duty is to secure the property, pay all necessary bills associated with the property such as those related to insurance and utilities, collect rents, and provide monthly accounting. In many cases, the Court Order also allows the Receiver/Keeper to make necessary improvements to the property as well as market it for sale and/or lease.
NAI Latter & Blum Property Management has a proven track record of success in property management, along with extensive experience as Receiver/Keeper on a wide variety of property types and sizes.
Receiver / Keeper Services:
- Assessing the Overall Condition of the Property
- Stabilizing the Operations of the Property
- Protecting the Asset
- Making Repairs/Improvements
- Ensuring Tenant Retention
- Providing Monthly Financial Reports
- Providing On-Site Property Management as needed
- Renewing Existing Tenants when Lease Approaches Expiration
- Developing Marketing, Advertising, Leasing and Exit strategies
As licensed real estate brokers, general contractors, and an Accredited Management Organization (AMO®) by the Institute of Real Estate Management (IREM®), we have the expertise required to handle a variety of situations, including the management, leasing, or redevelopment of under-performing real estate.
Contact us today to get started.