Bryan Sperry has acted as a receiver for a number of properties and clients including Washington Mutual (WaMu), Guaranty Bank & Trust Company, and through the law firm of Fisher, Sweetbaum, Levin, Sands, P.C.
When acting as a receiver, Bryan is focused on protecting and preserving the value of the asset on behalf of their client throughout the foreclosure and receivership period. Often they actually enhance the value of the asset during their tenure as the receiver.
As a commercial property receiver in Colorado, Bryan Sperry and Sperry Properties provides these services:
- Secure the property and protect it from vandalism, damage or any attempt at stripping the property by a tenant, former tenant or borrower.
- Address any safety, hazard, or liability issues.
- Provide a full complement of property management services while the property is in receivership, including any needed repairs or maintenance.
- Cost-effectively keep the building or property running and operating as efficiently as possible during the receivership.
- Keep the property’s income stream as high as possible during the period the lender is holding the property, which may include negotiating with existing tenants.
- Recommend cost-effective ways of improving or enhancing the property to facilitate quick disposition as soon as the lender is in legal possession of the property, whether that is granted through the courts or the foreclosure process.
The main objective during the receivership period is to stabilize the property and keep it in good physical and financial condition so that the bank (or other lender) can dispose of the asset as quickly as possible for maximum return as soon as they are free to do so. Bryan Sperry acts as the bank’s eyes, ears and caretaker during the receivership period. Well aware that in a foreclosure situation the bank is already losing money, Sperry’s role is often to stanch the bleeding as much as possible and keep the property stable until disposition. All Sperry receivership systems are designed to keep the bank fully informed as to the status of the asset at all times. Financial and property reports are compiled and presented in whatever format the lender might require, and all statements are posted online, providing 24/7 password-protected access from multiple locations for any authorized party at any office or branch.
Receivership Experience and Capabilities
Bryan Sperry’s commercial real estate receivership experience and capabilities include:
- Denver Warehouse Receiver – single warehouse and multi tenant industrial receiverships
- Denver Office Receiver – single tenant office and multi tenant office receiverships
- Denver Apartment Receiver – multifamily receiverships
- Denver Retail Receiver – single tenant retail and multi-tenant retail including shopping centers and strip centers
- Court Appointed Receiver for industrial, retail, office and apartment properties
As experienced REO receivers, Sperry personnel have dealt with a number of challenging receivership situations including: properties in high-risk neighborhoods, adversarial relationships between the lender and the borrower, borrowers attempting to strip the property, vandalism, graffiti, leaking pipes, leaking roofs, complex ownership positions, multiple property owners, out-of-state banks, out-of-state or absentee owners, serious rent delinquencies, complex maintenance and repair issues, threatened shut-offs, and a host of other issues. Sperry Properties is fully staffed, well-experienced and well-equipped to handle the many challenges associated with commercial property receiverships.
After the termination of the receivership period, Sperry Properties can stay on as the property manager, and can also broker the property for sale, for lease, or both if lease-up is advantageous prior to a sale. SPI has extensive experience working with REO departments and REO staff at banks, as well as with the law firms that represent them, and has brokered many advantageous dispositions of assets following receivership.
For more information about Sperry Properties’ commercial property receivership services in metro Denver, please call us at:
Sperry Properties, Inc.
Commercial Leasing and Property Management Specialists