Thread Starter: Anonymous
Title: Re: Big deal out of nothing?
|
CFO's spouse formed a corporation and purchased an group of condo units the bank had foreclosed on (the bank also did the financing for the Corp). Units were refurbished and sold to individual buyers (bank also did most of the financing on these condos). When all of the units were sold, there was a balance owed in excess of $300,000 which the bank charged off less than 6 months ago.
CFO and spouse just formed another corp and purchased another group of condos (bank did deed in lieu of forclosure on these), once again financed by the bank. Is it just me or is something very wrong with this scenario?
Would this be considered preferential as I cannot cite one other instance where we have (or would have ) extended credit to another borrower who left us with any loss.
Thank you in advance for any thoughts or suggestions you have.
|
|
|
|
