But the bust left Saunders unable to finish basic infrastructure, including roads and sewer, leaving many buyers unable to build on or sell their lots. Saunders had been the largest developer in Brunswick County, holding thousands of parcels at one time. The foreclosure adds to the list of legal actions taken against developer Saunders and his umbrella corporation since the real estate bust in 2008. “We intend to do everything in our power to force BB&T and its lawyers to stand by their agreement with us and to protect those adversely affected by this unscrupulous action.” “During the good times, BB&T made millions of dollars from transactions with The Coastal Companies and with families who purchased in our communities in Brunswick County,” Jordan said. The bank also says no enforceable resolution had been reached during the time both parties were in negotiations. “The same lawyers who told us we had a deal are apparently representing the Miami company that bought the loans from BB&T and are trying to foreclose, which not only hurts us, but also hurts all the people who already own lots in Seawatch at Sunset Harbor,” Jordan said.īB&T says, in the court documents, that Saunders had not been making the loan payment in full, and the acceptance of those payments did not waive the bank’s rights. 13 that said it had sold the bank notes to a third party – an affiliate of Rialto Capital Advisors, LLC. The continuance adds BB&T sent a letter on Dec. “For 15 years we timely made every payment required by BB&T, including this month’s,” Jordan said. The continuance states The Coastal Companies had been making monthly loan payments, and BB&T said that it wanted to resolve the issue by the year’s end. “They looked us in the eye, shook our hands, and told us that we had a deal.” “We spent months negotiating with BB&T’s senior management and lawyers,” Jordan said in an email. The Coastal Companies attorney Elaine Jordan says in a motion for continuance that the two sides had been working toward a possible resolution since the loan’s expiration and both sides had agreed to postpone a foreclosure hearing numerous times. The document says the loans date back to 1997 and expired in March. The Hammock Breeze property includes a beach club site promised to Seawatch at Sunset Harbor residents. They include properties associated with the Hammock Breeze subdivision in Oak Island as well as two tracts in Holden Beach and Shallotte. In the foreclosure, the bank is seeking 11 tracts containing multiple lots. Representatives from BB&T didn’t respond to requests for comment. 20, giving Saunders’ attorney time to prepare for court proceedings. has issued a foreclosure motion against developer Mark Saunders and companies owned by him charging he defaulted on loans of about $4.5 million, according to court documents.Ī hearing on the matter is scheduled May 8, after a continuance was granted Dec. No reproduction, distribution, or transmission of the information at this site is permitted without written permission from Zillow, Inc.BB&T Corp. The listings of some real estate brokerage firms have been excluded.Īll information provided is deemed reliable but is not guaranteed and should be independently verified. Broker Reciprocity database on this website. are marked with the Broker Reciprocity logo and the view of detailed information about them includes the name of the listing broker. Real estate listings other than Zillow, Inc. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of the MMLS, Inc. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Information is deemed reliable but not guaranteed. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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