Peak Asset Solutions Sees an Increase in Demand for BOVs Following the Devastation Caused by Hurricane Sandy

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There will be a growing demand for Commercial BOVs (Broker Opinion of Value) as a result of approximately $20 billion in damage caused by Hurricane Sandy on the East Coast.

Asset managers as well as independent commercial investors will need the Commercial BOV tool to reassess property values in light of the damage inflicted by Hurricane Sandy.

Kevin Levine, Executive Vice President with Peak Asset Solutions, notes a growing demand for commercial BOVs as a result of the devastation caused by Hurricane Sandy this fall. Levine observes “this will have a profound affect both residential and commercial property valuations. Asset managers as well as independent commercial investors will need the BOV tool to reassess property values in light of the damage inflicted by the disaster. “

Levine observes that finding the right provider for these services can be tricky, and demand for specialists in this field will no doubt increase. In the aftermath of the disaster, it’s important to know exactly what a responsible asset manager, bank or credit union ought to be looking for when choosing such a company. “Companies with secondary and tertiary market expertise and access to qualifying data properly in situations like these,” states Levine.

Kirk Jaffe, Executive Vice President at Peak Asset Solutions adds that “thorough quality valuations at cost effective rates is the key. It’s important for commercial owners to make sure they distinguish the need for when a CCIM designated broker is necessary to ensure accuracy and avoid problems down the road.” Peak Asset Solutions has developed alliances with qualified brokers familiar with commercial property in the affected areas that can provide valuations efficiently and quickly.

Jaffe notes the importance of offering BOV service based on actual needs, from default valuations to pre-qualifications and even valuations specifically for regulatory compliance purposes. As an example, Peak Asset Solutions offers various levels of BOVs. These unique products offer their clients exactly what they need and at an affordable price point.

“Our goal,” Jaffe continues, “is to ensure that property owners and portfolio managers understand the extent to which the disaster has impacted their assets, and to arm them with the right information to rebuild or reinvest.”

Peak Asset Solutions is one of the entities in the Peak Corporate Network headquartered in Woodland Hills, California. The Peak Corporate Network entities offer mortgage lending, loan servicing, short sale services, 1031 exchange services, commercial workouts, trustee work, foreclosure services, real estate sale brokerage services and escrow services for both commercial and residential real estate. For more information, visit http://www.peakcorp.com.

The Peak Corporate Network is a brand that represents a group of separate legal entities, each providing its unique set of real estate services.

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Kevin M. Levine

Kirk Jaffe

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