Distressed acquisitions underwritten with creditor-level discipline
Distressed real estate — non-performing loans, workouts, and recapitalizations — rewards investors who understand recovery value rather than listed price. Murivest approaches every distressed mandate with loan-level diligence and a clear-eyed view of the liabilities others overlook.
Recovery value is earned through diligence
In distressed situations, the listed price is a starting point, not a conclusion. We build the view from the documents up — collateral, covenants, and counterparty behavior.
Loan-Level Diligence
Distressed value lives in the documents. We analyze the note, collateral, intercreditor terms, and borrower behavior before forming a view on recovery.
Workout & Resolution Pathways
We assess the full range of outcomes — modification, deed-in-lieu, foreclosure, or recapitalization — and the time and cost each implies.
Hidden Liability Mapping
Environmental, structural, title, and contingent liabilities are surfaced early. In distressed, what you miss is what erodes the basis.
Creditor-Level Discipline
We underwrite to a recovery value with explicit margin of safety, treating every assumption as contestable until verified.
Distressed is not a synonym for cheap
The risk in distressed acquisition is not the discount — it is the unknown. Capital is lost on unresolved title, undisclosed environmental conditions, entangled ownership, and overly optimistic timelines to resolution. We treat every assumption as contestable until verified, and we walk away from deals where the margin of safety cannot be demonstrated.
Where a recapitalization is the cleaner path than a foreclosure, we coordinate with our capital practice to structure it — often the most capital-efficient route to control.
Distressed instruments we evaluate
- Non-performing and sub-performing loans (NPLs / SPLs).
- REO and lender-controlled assets.
- Discounted payoffs and note acquisitions.
- Recapitalizations of over-levered or stalled assets.
Distressed often overlaps with opportunistic and recapitalization
The line between these mandates is frequently structural. We help define the right framing for your capital.
Underwrite distressed with creditor-level rigor
If your mandate targets recovery value, we will diligence the note, the collateral, and the path to resolution.