Cordes & Company

Homebuilder suffers, lender recovers

A national homebuilder suffered some serious set-backs in the housing crisis.  When the company declared bankruptcy, it left about 30 homes and 30 lots in various states of completion in a neighborhood in Denver.  The lender declined an offer from the homebuilder's bankruptcy trustee and instead retained Cordes & Company as receiver.  We cleared more than 750 liens, oversaw completion of the homes under construction, and marketed and successfully sold the properties.  Our efforts returned $10 million to the lender - considerably more than the $4 million originally offered. With the bank fully repaid, the homebuilder's trustee was able to receive money as well.

California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
Colorado
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
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