Interview with David Legault, Owner of

 LDG  Consultants

Q -What does a Receiver do?

A -"A receiver steps in between the borrower and lender to manage the asset during a litigation process."

Q-Is this a service that you provide, Dave?

A-"Yes, under Florida law only bonded, experienced, court appointed individuals can perform this function."

Q-What are your responsibilities?

A-"Limit liability for the lender & borrower and preserve the asset."

Q-How do you mean 'limit liability'?

A-"I make sure the asset is secure, insured and maintains a base value and does not deteriorate further."

Q-What actions do you take?

A-"I basically step into the shoes of the borrower and take over running the day-to-day operations of the real estate and/or business. This may include repairs, maintenance, hiring & firing personnel, leasing and dispositions of real and/or personal property."

Q-What sort of assets do you handle?

A-"Normally real property, sometimes commercial enterprises and operating businesses like golf courses and medical clinics."

Q-How many assignments have you handled?

A-"Over 200 throughout the Southeast."

Q-Who appoints you?

A-"A judge based on the lender's need to preserve the asset and limit their liability by appointing an arm's length independent third party."

Q-Whom do you report to?

A-"The judge that appointed me as receiver."

Q-Who pays you?

A-"We're compensated based on an hourly fee plus expenses. My fees are funded from the income stream of the property or if not adequate we have lien right against the property to insure that we are paid."

Q-What is your background?

A-"I am a CPM (Certified Property Manager), CCI (Certified Commercial Inspector)  with extensive background in construction, real estate brokerage, tenant representation and mortgage brokerage."

Q-Do you do all the work yourself?

A-"No, I am more of a expert generalist that brings together specific skills to solve problems from a variety of experts."

Q-How long does an assignment last?

A-"Until the borrower and lender resolve their legal issues or the asset is sold."

Q-What happens after the foreclosure sale?

A-"When the asset is returned to the bank we advise the lender on a disposition action plan."

Q- Do you also list and sell properties for your clients?

Answer: Yes, our clients sell properties from time to time and we help them locate purchasers that can close at the highest price in the shortest amount of time and with the least amount of grief and aggravation.

 Q- You also secure financing, right?

Answer: Yes, we arrange debt and equity capital. We structure acquisition financing and refinance income-producing properties. We’re in the market every day, arranging financing and developing our network of lenders – ones that’ll do high leverage, non-recourse loans at low rates that close quickly and efficiently.  We have access to hundreds of national lenders, not just people we know through church or the local chamber of commerce. We create an auction environment for our clients to get them the best blend of rate, term and leverage. We’re also not shy about asking for non-recourse financing.

Q- Isn’t it unusual to be both a real estate brokerage company and mortgage brokerage business?

Answer (David Repka): Yes, it is rare to wear both hats, but necessity is the Mother of Invention. As a real estate broker during the recession of the early 1990s I had several deals collapse because the buyer’s financing fell apart at the 11^th hour.  I rolled up my sleeves and found new sources of financing to hold the deal together. Because we can find both debt and equity our closing percentage increases every year.

 

In closing, how does someone get in touch with you?

"My phone number is 727-584-6717, my e-mail address is dlegault@tampabay.rr.com and our web address is http://www.floridareceiver.com"

About the Interview

LDG's consulting services can give you the tools you need to manage real property assets you are holding as well as monitor projects with outstanding development loans or provide disbursement inspection services and tenant improvement construction. They can custom fit a program of services to meet your needs on individual projects to assist you in protecting or enhancing the value of your assets. You can contact David Legault through his website at www.floridareceiver.com.