Security Properties Recovery Services (SPRS) is experienced as both a custodial and general receiver. Upon appointment, SPRS will first ensure stabilization of the asset and take control of all operating and trust accounts. We will also make initial recommendations to prevent deterioration of value as a result of any unaddressed deferred maintenance, lapse in insurance coverage, and potential loss of the asset by real estate tax foreclosure.
In its capacity as Receiver, SPRS eliminates the need to take title on real estate while also providing a legal procedure allowing assets to be sold free and clear of liens and encumbrances. The Receivership may also provide a mechanism for advancing funds required by the asset that is secured by a senior lien position in the underlying real estate, or other collateral, thereby insuring repayment upon the eventual liquidation of the asset.