Situation
Our bank client made 75 loans valued at $24 million to a real estate investment company, which owned property in Missouri, Tennessee, Mississippi, Florida and Arizona. We defended several attempts for injunctive relief and other claims by subsequent buyers to stop foreclosures or invalidate our client’s liens.
Result
Our team assisted in the liquidation of collateral through more than 60 foreclosure sales that protected our client’s interests. We found that the borrower had, in violation of the loan agreement, sold more than half the homes on contract for deed and retained the initial down payments.