Where workout is not possible, VRM, a key member of the NREV Group can be appointed by a court as a receiver, if the lender so petitions and the court follows suit.
Upon taking over possession of a property, whether as an asset manager (where a borrower has agreed to “walk” from a property,) or whether it has been court appointed as a receiver, VRM employs experienced full charge property managers, who are aided by a unique feature of NREV—its blue ribbon Advisory Board .
VRM has assembled a team of real estate experts (the Advisory Board) with a proven track record of commercial asset management and real estate workouts. Unlike many receivers, VRM is not just a group of 'bean counters' who may suffice as receivers and asset managers in normal times. Therefore, VRM is able to better serve the needs of special servicers, lenders and passive commercial investors, in these troubled times.