• SPA Advantage • Due Diligence / Underwriting • New Loan Setup • Reserve Administration • Asset Disposition / Special Servicing • Special / Custom Projects • SPA Clients   • Transactions totaling over $52 million of distressed REO properties closed - an increase in return of 100% over projected bulk disposition proceeds • Over $10 billion of problem loan experience with a proven track record of maximizing recovery and minimizing losses   Our extensive commercial real estate skills and knowledge enhance the special servicing and asset disposition process and allows us to maximize recovery proceeds.  We are experienced in managing and avoiding issues that could lead to potential lender liability, yet maintaining all of the rights of a secured lender.       Our experience includes:     • REO Disposition   • Defaulted Loan Workout   • Foreclosure   • Bankruptcy   • Pursuit of recourse obligations   • Receivership   • Deal effectively with complex ownership structures   • Disposition Process   • Read loan documents and highlight relevant provisions • Perform detailed property inspection • Prepare a thorough market survey: analyze, economic conditions and trends, and competing properties • Examine property management performance • Analyze property operating metrics and capital expenditures • Analyze leases.  Formulate strategies to improve renewal performance • Formulate and sensitize property performance projection and market projection • Formulate resolution/exit strategy and timing and a marketing plan • Select best local broker, implement and supervise all marketing activities and sale closing

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