Look for four things. A proven track record across market cycles, not just the last good year. Working relationships with the national servicers, because the servicer is where day-to-day performance is won or lost. In-house loss mitigation expertise, so workouts are designed rather than outsourced blindly. And transparent governance: reporting you can read, decisions you can trace, and a manager who tells you when an asset is not going to plan.

First Lien Capital manages loans in all 50 states with institutional-grade servicer surveillance, and delivers loss mitigation and resolution through its sister companies First Lien Resolutions and UCLS. Ask any manager you are evaluating to walk you through one loan from acquisition to resolution; the answer tells you most of what you need to know.