The Westin Boston Waterfront
Problems with construction or permanent loan difficulties are not uncommon with condominiums, office buildings, multi-family rentals, or shopping centers. Maybe the property was undercapitalized, overvalued, the result of improperly prepared drawings, poor project management, or the victim of a soft market. In any case, the borrower has or is about to default.
You can sit back and hope that the borrower will turn things around. But if they can't the more time that goes by, the more difficult it will be to salvage the project. And, if the property gets on the books, it may be difficult and costly to get it off. As an REO, you can always declare it dead and sell it to the vultures, but you'll incur a steep write-down.
IVI can help you, and the earlier we are on board, the better. IVI will provide a second opinion ... an unbiased, independent analysis of the problem, free of the corporate politics that typically enshroud distressed property situations. Our opinion will focus on finding solutions rather than placing blame.
IVI has extensive workout experience gleaned through workout assignments during the last four real estate market cycles. We were present during 1981's 21% prime rate, the S&L crisis of 1990, when the dot-com recession hit in 2000, and the subprime initiated debacle of 2007. We have assessed the capabilities and work practices of borrowers to guide the mortgagee's decisions.
New York, NY
Each workout situation has its own unique circumstances and characteristics. IVI's guiding principles emphasize that the best approach is an individualized, site-specific approach. Every assignment is custom tailored to each client's particular requirements. Such services include:
At IVI, we approach each assignment with a commitment to identifying and implementing a solution. Our services are intended to complement and augment the lender's existing in-house capabilities so that the lender's senior management team can maintain control of the workout process and direct the course of action.