As State Court Receiver of a partially burned, non-operational hotel property with asbestos located in Sacramento, California, we successfully achieved a loan recovery for the lender. Upon determining it was cost-prohibitive to rebuild, we pursued a Receivership Sale. This solution eliminated any future environmental liability risk for the lender that could have resulted from a foreclosure.
Our key actions leading to the successful sale of the property included:
- Took control of the property
- Completed required clean up
- Ensured shuttered property was in compliance with city and county to avoid fines
- Confirmed property met requirements to assure return on insurance claim
- Property was sold “as is”