News and Articles

Click on the links below to View the Article on Court Appointed Receivers and on the expanding Real Estate Recovery Business

NEW - Banks are giving lots of work to receivers – click on the following article from the Wall Street Journal
Receivers’ Catch:  Foreclosures - WSJ
[PDF] August 3rd, 2009

Puget Sound Business Journal [PDF] March 27-April 2, 2009

Busy time for Real Estate Recovery Services [PDF] April 9, 2009

Press Release

Real Estate Recovery Services Offers Commercial Real Estate Lenders and Borrowers Valued Representation in a Down Economy

BELLEVUE, Wash. – March 18, 2009 – With today’s official launch of Real Estate Recovery Services, LLC, commercial real estate lenders and borrowers in the Puget Sound region have a new resource for reaching solutions on problematic loans. Real Estate Recovery Services provides a range of consulting and management services to resolve complex commercial loan and property issues caused by the challenging economic environment and the struggling real estate market.

“I work with banks, non-bank lenders, developers and borrowers with the goal of reaching mutually agreeable resolutions to complex financial problems,” said Tim Patrick, founder and president of the Bellevue company.

For lenders, Real Estate Recovery Services offers numerous services, including problem loan analysis; action plan recommendations and implementation, such as negotiation and workouts with borrowers; completion of unfinished construction projects; and the sale of promissory notes. In addition, the company works cooperatively with legal counsel to protect the assets of the lender and acts as a court-appointed receiver.

For borrowers, Real Estate Recovery Services counsels borrowers on how to approach their lenders to achieve the best solution for both parties, meets with the lender to structure loan workouts, and adds order to a potentially stressful situation.

“Situations involving problem loans can often become volatile,” said Patrick. “We are able to bring a sense of calm and seasoned guidance to help all parties reach a favorable conclusion while, most importantly, protecting the value of the property in question.”

With the current economic downturn, experience in this highly specialized field is in high demand, according to Patrick. “Real Estate Recovery Services brings both a thorough understanding of complex financial instruments and refined communication and negotiation skills to the process.”

Real Estate Recovery Services serves clients throughout the Puget Sound region. Patrick started the business after more than 20 years in banking. His specialty is real estate asset management, loan workouts and asset recovery.

Patrick spent 10 years at Seattle-based HomeStreet Bank as vice president and manager of construction and portfolio lending. Previously, he worked at Union Bank of California and Security Pacific Bank, where he handled $2.2 billion in loan commitments and successfully resolved $300 million worth of troubled commercial real estate loans.

Patrick has managed and liquidated more than 100 real estate owned (REO) properties, including warehouses, office buildings, neighborhood retail properties, apartments, condominiums, a golf course, single-family lots and houses. He oversaw the completion and lease up of an incomplete super regional retail mall with a loan of $112 million for rehabilitation and expansion.

About Real Estate Recovery Services

Founded by experienced commercial real estate finance professional Tim Patrick, Real Estate Recovery Services is an independent company offering a range of consulting and loan workout services to commercial real estate lenders, banks, borrowers, developers and real estate investors. In addition to offering expertise in negotiating workable solutions to troubled commercial real estate loans, Real Estate Recovery Services works as a court-appointed receiver. For more information, visit www.realestaterecoveryservices.com.