Commercial Property Receivers Wanted
With the flood of distressed Commercial Property on the Market … looks like there is a significant shortage of qualified Receivers to manage them for the Lender while buyers are found. Receivers serve as the Property and Asset Manager for the period of time the Lender owns the Property before eventually finding a new buyer. AND Lenders do not want to be owners if they can avoid it.
Globe Street today quoted Taylor Grant, who currently serves as a Receiver for 36 properties in default. “Banks are increasingly turning to receivers because this mechanism protects them from myriad claims and administrative and operational requirements that come with projects in default. ”
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