Lincoln Property Company’s expertise in operating a large portfolio of commercial and multi-family properties, for both owned and third-party institutional clients, gives us a unique ability to receive, manage, and preserve asset values. Our impartial third-party perspective coupled with extraordinary market knowledge, and a deep understanding of how to appropriately manage properties and maximize returns, will ensure the collateral’s value is maintained. Moving swiftly with the right team in place is important in any transition, but is even more critical in periods of declining asset value. We have managed thousands of transitions for both owned and third-party clients in our 40 year history.
Strategy Development and Consulting
Lincoln Property Company’s finance, 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
Seizure of Assets
The foreclosure process can vary from professional to contentious depending on the nature of the borrower. Seizing assets, including locating hidden assets is imperative to ensure a maximized return to the lender. Lincoln Property Company will identify, locate, and control all bank accounts, lock boxes, petty cash, and other monies belonging to the receivership. Our national accounting team will conduct a full audit of the property level financials, and is deeply experienced in forensic accounting. Our team is able to reconstruct financials and rent rolls to make sure there are no missed recovery opportunities.
Court Reports
Lincoln Property Company can lead or assist a number of reporting duties, from filing the "Order Appointing Receiver" to submitting "Closing Reports". Early LPC involvement will ensure that all contingencies are clearly established, avoiding repeated court trips and unnecessary legal fees. Lincoln Property Company Receiver Services will file all receiver documents, serve all parties, and upon foreclosure quickly secure the courts approval and discharge.
Property Management
The most important aspect of a receiver’s mission, maintaining the value of the collateral, is often derived from effective property management. A troubled borrower can forget the daily mission of managing the physical structure, and often allows the rent roll and tenant satisfaction to deteriorate. During transition it is critical that LPC approaches property management with a “SWAT Team” method. Having senior property managers ever present, notifying the tenants of changes, and ensuring that their needs are best met. This brings order and stability at a time when many tenants may consider a relocation if neglected.
Contracting and Leases
In any property management transition, whether on our own account or as a third-party service provider, Lincoln carefully reviews the terms of all contracts in place for the property. This vital step in maintaining property values and mitigating tenant concerns of a transistion includes:
- 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
Disposition Services
Lincoln Property Company has developed, amended, and executed excellent strategies to dispose of assets at the highest possible sales price. Having acquired and sold thousands of commercial and multi-family properties across the country and abroad gives LPC a true advantage in hiring “best-in-class” brokerage teams, and managing their process to ensure the best possible outcome.