Restaurant Equipment Recovery
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Restaurant Equipment Asset Recovery
When borrowers start falling behind on payments for financed restaurant equipment, lenders need to develop an action plan for restaurant equipment asset recovery. Some finance agencies may think that their best course of action is to continue to pursue borrowers for the money they are owed. This single-minded focus can cause them to completely overlook other approaches to recover their investment value.
The restaurant industry has been hit particularly hard by the global Covid-19 pandemic. While communities have rallied to support restaurants with take-out and gift card purchases, for many this may not be enough to keep the doors open. As they struggle to stay in business and define new ways to operate, some may need to reduce overhead and could opt to reduce seating to operate safely or simplify menus and reduce the needed equipment. Others may not be as lucky and may face the closure of their business. Whatever the circumstances, lenders will need to chart their own course to remain solvent and be able to help businesses as the economy strengthens.
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Reclaiming Assets Instead of Pursuing Payment
Finance agencies with clients facing financial difficulties have multiple options for how to proceed. Some borrowers may be happy to work with lenders and participate in voluntary repossession. While this represents a positive outcome, there is still a good deal of work to be done before the lender recovers the value of their investment. The process of managing the logistics of disassembly, transport and remarketing requires someone with experience and expertise to get the job done right.
Other borrowers may not be willing to voluntarily surrender assets when requested, and the path of involuntary repossession may be necessary. When faced with the challenge of a non-cooperative borrower, how should a finance agency choose whether to move forward with restaurant equipment asset recovery or to pursue financial compensation?
Understanding how much value can be recovered through the repossession and remarketing of the financed equipment should be a key factor in the decision of how to move forward. There is a wide array of restaurant equipment types, styles and brands, and not all retain value in the same way. To get a clear picture of how much value can be reclaimed, these details need to be considered.
Asset Recovery Company can help you make smart choices by providing you with a Free Appraisal of the financed equipment. Our experts understand the restaurant equipment market and can provide you with accurate estimates of the value that can be recovered. We will also walk you through the restaurant equipment asset recovery process so you can make an informed decision on your next steps.
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Asset Recovery Company
47 S Main St #165
Manheim, PA 17545