Role: C.R.O.

Client: Wells Fargo Bank (Bank & Borrower)

Business Description: Multi-Family (Macomb County, Michigan)

  • Multi-Building Apartment Complex

Critical Issues:

  • Executed & posted Assignment of Rents
  • Significantly deteriorated grounds buildings and plant
  • Gas/heat shut off prior to winter take-over
  • Landlord paid utilities
  • 70% delinquency rate
  • All rentals had unique terms and payment dates
  • No copies of leases
  • No security deposits
  • Vacancy of 30% + (?)
  • Pending foreclosure

Resolution:

  • Restored all utilities and communicated with tenants to clearly explain situation
  • Recreated Rent Roll & lease abstracts
  • Removed non-paying tenants
  • Repaired boilers, plumbing, roof leaks
  • Standardized rental rates
  • New lease-up campaign included new tenant credit screening and security deposit criteria
  • Implemented ongoing building & grounds improvement program to increase curb appeal and improve rental tours

Have a similar situation?

Fill out the form below and we’ll contact you to see how we can help.