Exeter Real Estate Advisors offers an array of investment advisory and consulting services relevant to all project stages, including:
Distressed Real Estate Advisory Services
For Lenders and Special Servicers
· Conduct due diligence on collateral
· Stalled project assessment
· Strategic valuations - single assets and for portfolios
· Workout plan formulation
· Outline collateral recovery strategy and plan
· Market and manage note sales
· Foreclosure coordination and support activities
· Orderly disposition and liquidation
· Creditor's committee representation in Chapter 11
· Preliminary analysis of assets
· Workout plan formulation and negotiation
· Debt restructuring
· Tailoring workouts to minimize debtor CODI
· Review elective options available via new IRS Section 108(i) provisions
· Minimizing state and local tax implications of distressed debt workouts
· Securitized debt negotiations with special servicers
· Refinancing and recapitalization
· Pre-bankruptcy and bankruptcy plan formulation
For Partnership Investors Confronting Underperformance
· Investment performance review and analysis
· Critique of management issues and associated risks
· Advising cash call and dilution decisions
· Partnership restructuring advice
· Restructuring plan review and analysis
· Asset resolution and recovery strategies tailored to quickly address problems
· Crisis management to avert expensive mistakes
· Audit of asset management and property management performance
· Site visits and preliminary due diligence
· Portfolio valuation
· Liquidation strategy and plan
· Execute liquidation plan
For Note Investors
· Compile inventory of loan documents
· Review loan documents for deficiencies
· Loan pool due diligence
· Perform due diligence on collateral
· Asset management strategy
· Minimize original issue discount phantom income consequences
· Assess risks - operating, financial, environmental and legal
· Develop contingent collateral recovery strategies
For The Borrower
We create and implement viable real estate debt restructuring and asset recapitalization solutions for owners confronting maturity, technical, or financial default involving either securitized or whole loans. We also provide advisory services for owners facing workout or bankruptcy actions involving single assets as well as portfolios:
Preliminary Asset Analysis - After review of property descriptive information, competitive market data, property cash flows, appraisals, loan and other key documents, we will outline options for resolving asset issues with your lenders.
Workout Plan Formulation and Negotiation - We will design and negotiate the terms of an acceptable workout plan with your lender, providing financial relief and operating flexibility that is sensitive to the client’s specific legal, accounting and tax planning needs.
Debt Restructuring - We will put together a Loan Modification Proposal and negotiate the terms of an extension or appropriate form of payment relief.
Securitized Debt Negotiations with Special Servicers – We use our knowledge and experience with REMIC rules, and the rights, course of action, and administrative flexibility allowed under an issuer’s Pooling and Servicing Agreement (PSA), to negotiate the best short-term, interim remedy and longer-term resolution of your non-performing or technical default status.
Refinancing and Recapitalization – We will negotiate a plan for recapitalization with your lender or workout officer based on a careful analysis of the property operations, credit issues, risk assessment, financial modeling, and cash flow projections while confirming the feasibility of the proposed new capital structure and terms with select capital sources, mortgage brokers, and capital advisors.
Pre-Bankruptcy and Bankruptcy Plan Formulation - We will carefully assess the net equity of a portfolio and propose a restructuring plan and negotiating strategy that balances creditor rights and priorities with the long-term viability of the owner’s business.
Distressed Asset Investment Services
We tailor our analytical services supporting distressed debt and equity investors depending on scale and needs. For specialized distressed debt investors with dedicated funds and in-house underwriting expertise, we can augment your staff capabilities to tackle larger portfolio acquisitions on a fast-track basis or analyze underlying market conditions and collateral issues in markets where you may lack presence, geographic coverage, or immediate access to in-depth local market knowledge and insight. For experienced commercial real estate investors that have limited non-performing loan experience, we can assist you with your analysis, underwriting, loan document review, and other due diligence requirements. We can also help you anticipate how borrowers are likely to respond to various resolution efforts that you may pursue. Our investor service capabilities include:
Loan Document Checklist – Our team will go through an internal checklist to make sure the list of supplied or available loan documents is complete and then organized for quick and easy access.
Loan Document Review – We can coordinate with selected counsel to review the loan documents, check the accuracy of loan information abstracted in document summaries, and evaluate any issues that might potentially impair the value and enforcement of the debt instrument.
Collateral Due Diligence – We can review the underlying asset’s location quality, market trends, physical condition, rent roll, tenant credit, lease rollover exposure, property operations, management, cash flow projections, environmental issues, reserve account adequacy, and recent and planned capital improvements to fully support or selectively complement your due diligence needs.
Operating, Legal, Environmental, and Financial Risk Assessment – Our risk assessment is designed to cover the array of issues encountered in loan document review and collateral due diligence with findings compiled in summary format for an insightful overview and easy reference to appended back up materials.
Contingent Collateral Recovery Strategies – Whether the investment is contemplated for a hold-to-maturity or a likely candidate for a loan-to-own scenario, we can help you consider the legal and tactical issues associated with various asset recovery strategies.
Loan Pool Investment Due Diligence – We are ready to assist with loan due diligence and collateral analysis at the portfolio level and can organize our findings in summary format using buyer-supplied or our own internally designed checklists and presentation templates to support your underwriting analysis, valuation, and risk assessment.
Sample Projects Exeter Realty Capital Partners operates as a principal in real estate investment and development activities involving its partners located in the Boston, New York and Washington D.C. metropolitan areas.