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
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