Hopefully the executive staff at Portrait Homes can locate new financing or renegotiate new terms with their lender. We are seeing this happen more and more with builders (custom and production builders) as banks become more and more conservative in their lending standards. The challenge for builders is fulfilling the terms of the lending contract given the downturn in the real estate and financial markets. I will keep everyone updated as their circumstances improve.
Townhome developer Portrait Homes takes hit
Published: October 27, 2008
Portrait Homes, one of Charlotte’s largest townhome builders, has lost its funding, stopped construction on projects and laid off most of its staff.
To continue reading, go to: http://charlotte.bizjournals.com/charlotte/stories/2008/10/27/story1.html?b=1225080000^1721636&surround=etf