Under the Ohio Revised Code 2735.01 a Receiver may be appointed by the Court when a mortgaged property is in danger of being lost, removed or materially injured or when a condition of the mortgage has not been performed or when the property is insufficient to discharge the mortgage debt.
Jeff Lane is the principal member of Prodigy Properties and has been appointed Receiver in many cases in Ohio. He is well experienced in managing, repositioning and selling properties through Receivership. Over the past 12 years Mr. Lane has been involved with Apartments, Single Family Rental Portfolios, Gas Stations, Beverage Drive-Thrus, Softball Parks, Condominium Projects, Retail, Office and other types of commercial properties. Many of the properties Mr. Lane has been involved with have required substantial rehabilitation due to deferred maintenance and other health and safety violations.
With the Courts permission the Receiver will have the authority to....
- take and have complete and exclusive control of the Property and all its assets
- manage and operate the Business and the Property with full authority
- receive and make payments necessary for the proper preservation of the Property
- "borrow" funds from the Plaintiff to be used for proper care of the Property that will be recognized and paid back at the highest lien priority equal to that of Court costs
- receive and collect any and all sums or money due or owing the Business or Properties
- disburse funds to Plaintiff on its mortgage
- obtain and maintain insurance on the Properties at the expense of the Receivership
- market the Property for private sale and to solicit and submit the offers to the Plaintiff and Courts for approval (this privilege allows for the asset to be properly marketed through private sale to realize the highest return possible)
In addition to the above benefits the Receiver will file an extensive accounting and operation report with the Courts every thirty days. This report will include every dollar and transaction that passes through the hands of the Receiver as well as a detailed report covering all happenings at the Property and with the Defendant from the prior month.
A-0811044: February 2009. This case involves a single tenant office building. The property is vacant and is being offered for sale or lease. UPDATE! The subject property was sold with the Plaintiffs and Courts permission in April 2009. Receivership Closed.
A-0811045: February 2009. This case involves a 25 unit apartment building n very poor condition with only 5 tenants and infested with bed bugs. We will manage the property and use the rents we collect to make improvements and pay expenses. The property is also being marketed for sale and we will solicit offers for Courts approval in an attempt to sell the properties out of the Receivership. UPDATE! The 25 unit apartment building sold with the Courts and Plaintiffs permission in April 2009. Receivership Closed.
A-0900507: January 2009. This case involves 21 residential rental properties. We will manage the occupied properties and remodel the vacant homes with the rents we collect. We are also marketing these properties for sale and will solicit offers for Court approval in an attempt to sell the properties out of the Receivership. UPDATE! As of May 1st 2009, 10 of the properties have already sold with the Courts and Plaintiffs permission.
A-0709053: May 2008. This case involves three single family rental properties, a 38 unit apartment complex and 12 acres of raw land. The single family properties are tenant occupied and collecting rent. The apartment complex suffers from low occupancy, poor condition and high expenses. UPDATE! Squatters have been evicted with the help of the Cincinnati Police Department, Bed Bugs have been treated, delinquent utility accounts have been re-started with zero balances, the properties curb appeal has been boosted and over half of the vacant apartments have been rented with quality tenants.
A-0711250: March 2008. This case involves 34 residential rental units in 19 different locations. We have been able to collect the rents of the occupied properties and use them to repair and rent the vacant units.
A-0711748: March 2008. This case involves 27 residential rental units in 18 different locations. Only three properties were rented so there was no income to repair and rent the remaining units. We were however able to protect and preserve these properties from vandalism, squatting and city fines. UPDATE! The Plaintiff took the properties to Sheriff sale where they were the successfull bidder on all of them. Prodigy was chosen by the Plaintiff's REO Department to market and sell these properties for them.
To discuss further our capabilities and experience as Receiver and the benefits we provide please contact Jeff Lane. We look forward to hearing from you.