EDGE Asset Management has the capacity and ability to provide receivership services for the South Florida court system. Our expertise in operating a large and diverse portfolio of commercial and multi-family properties, for both owned and third-party institutional clients, gives us the distinct ability to receive, manage, and preserve asset values on both a short term and long term basis. Our impartial third-party perspective coupled with extensive market knowledge, and a deep understanding of how to appropriately manage properties and maximize return on investment will ensure the collateral’s value is not only maintained but also increases over our management period.
EDGE Asset Management’s acquisition and disposition teams will work in concert with a lender’s asset managers in preparation for legal action on defaulted assets. During this phase our focus is on preparing the following:
- Property Valuation Reports
- Recovery and Downtime Analysis
- Operations Assessments
- Preliminary Property Financial Review
- Post Recovery Plan of Action
The foreclosure process can vary from professional to difficult and stressful depending on the nature of the borrower. Seizing assets, including locating hidden assets is imperative to ensure a maximized return to the lender. We will identify, locate, and control all bank accounts, lock boxes, petty cash, and other monies belonging to the receivership. Our team of investigators and accountants will conduct a full audit and identify and hidden asset. If needed, our team is able to reconstruct financials and rent rolls to make sure there are no missed recovery opportunities.
EDGE Asset Management can lead or assist with a number of court reporting duties, from filing the “Order Appointing Receiver” to submitting “Closing Reports”. Our in-house attorney will ensure that all contingencies are clearly established, avoiding repeated court trips and unnecessary legal fees.
The most important aspect of a receiver’s mission is maintaining the value of the collateral. During transition it is critical that EDGE approaches and works with the property management to ensure a swift and efficient transfer of management. In such cases, EDGE will use its senior property managers to assist with restoring order and stability at a time when many tenants may consider a relocation if neglected.
During the transition of the property management, EDGE Asset Management will review the terms of all contracts in place for the property. This will ensure that property values are maintained while mitigating tenant concerns. Some our procedures and processes include:
- Reviewing, transitioning, or renegotiating all vendor contracts
- Abstracting and inputting appropriate notifications all tenant leases
- Insurance review to ensure all policies and coverage are sufficient
- Evaluate all licenses belonging to the property, such as liquor licenses
As Receivers, EDGE Asset Management will employ unique strategies to properly dispose of assets at the highest possible sales price. Having management that has acquired and sold thousands of commercial and multi-family properties across the country over the past 25 years gives EDGE Asset Management has a distinct advantage in using our own and our affiliated brokerage teams ensure the best possible outcome.