Receivership & Turnaround Management
Catapult Real Estate Solutions has unique expertise in law, property management, development, and brokerage required to handle a variety of challenging real estate situations. Catapult’s staff has been involved in numerous types of receiverships, workouts, mortgagees-in-possession, turnaround consulting, and foreclosures. In these cases, Catapult has managed, leased, repositioned, complete construction, and sold distressed property both during foreclosure and after properties became Real Estate Owned (REO) assets.
Catapult’s fully-integrated real estate services provide comprehensive interim management solutions for Owners, Lenders, and Courts. Our specific real estate services include:
- Receivership Services
- Resolution of Liens, Claims, And Disputes
- Loan Workout Strategies & Turnaround Management
- REO Management including Property Management, Leasing, Redevelopment
- Financial Analysis
- Financial and Accounting Reports
- Revenue and Expense Optimization
- Construction Management
- Project Management
- Infrastructure & Site Development completion
- Litigation Support
- Broker Opinion of Values (BOVs)
- Marketing Strategy
- Leasing & Sales
- Broker selection and oversight
- Note Sales
What is a Receiver?
A Receiver is an independent, impartial party appointed by a court or creditors to protect, manage, preserve, and dispose of a distressed or disputed property until the property’s issues are resolved. Receivers are most commonly used for real estate that is the collateral for a defaulted loan, but Receivers can also be appointed for operating businesses in some cases, such as hotels or grocery stores. The best Receivers are able to not only preserve, but to actually increase the value of the distressed assets under their management. Catapult prides itself on adding value to every Receivership it handles.
We Possess all of the Necessary Skills
When Catapult acts as a court-appointed Receiver for foreclosures and business disputes, we take possession of the property and manage the assets by making all appropriate managerial decisions and implementing actions to preserve and maximize the value of the estate. We provide an initial evaluation and plan to identify issues affecting the Receivership assets, including budgets for maintenance and repairs, a schedule of tasks, a leasing plan and financial projections. We can act as a Receiver recommended by the lender or in a neutral fiduciary or custodian role. In appropriate cases, Mr. Dincin will act as Personal Receiver. Let our experts take control and protect your interests by being responsible for all aspects of the distressed asset.
In our role as Receiver, we perform the following:
- Possession Services – Pursuant to the court order, Catapult will take possession and inventory the property and assets (leases, tenants, cash, accounts, inventory, receivables and equipment, etc.) We will conduct an inspection to determine if there are any safety, security, environmental, or code issues and make sure that all leases, security deposits, expenses, service contracts, ledgers, contractor agreements, past books, insurance certification, and accounts are accounted for. We will also ensure continuity and provide notice to all interested parties, tenants, employees, and service providers of the commencement of the receivership.
- Management & Operational Services – Catapult will undertake all of the tasks ordinarily performed by the Owner, Developer, or Asset Manager— including managing and safeguarding the property as well as continuing necessary relationships with lenders, lessees, and others. We prepare Operating and Capital Budgets, Projections, implement Control Systems, monitor cash collections and disbursement, and perform Rent Valuations for apartments or commercial spaces. We will market for lease the vacant space, evaluate potential tenants, and negotiate the leases to maximize the rents. In addition, Catapult will work with existing tenants to help assure retention, deal with outstanding tax and building code, respond to regulatory issues, negotiate disputes and litigation, and pursue/resolve any insurance claims. Upon conclusion of the Receivership, we will draft and submit a Final Accounting and Status Report.
- Court Appearances & Reporting – Catapult will appear in court and furnish all required reporting and testimony. Issues we address include the condition of the property, rents, leases, accounts, eviction proceedings, borrower issues (including failure to comply with court orders), bankruptcy proceedings, other legal actions, and building code enforcement.
- Other Services – Catapult can provide additional services as needed in individual cases. For example, our brokerage staff is able to market the property, screen potential buyers, negotiate the sale of your property, and provide a Broker’s Opinion of Value (BOV), <> which support determinations of whether assets should be stabilized or positioned for sale. We also can perform Forensic Accounting work to discover hidden assets and claims. Further, we specialize in Turnaround and Restructuring plans. <>,
We are experts in dealing with all stakeholder groups
Catapult’s Turnaround Consultants analyze and attack a company’s most pressing issues by working quickly to gather needed information, contain the damage, and restore stability. We assess and immediately identify a company’s critical financial and operating problems. Working with management, we develop an action plan that will give enterprise stability and positive cash flow, the main ingredient for a successful turnaround.
Diplomacy and the ability to listen and negotiate are vital when dealing with a firm’s demanding creditors, apprehensive stockholders, panicked employees and cautious customers. At Catapult, we are experts at dealing with all stakeholder groups. We quickly make important decisions and provide the best possible chance for a business to have a successful recovery.