Lennar, Multibank, CML,
Rialto Capital Action Committee
MULTIBANK 2009-1 RES-ADC VENTURE LLC
MULTIBANK 2009-1 CML-ADC VENTURE LLC
We are a group of developers, investors and small businesses that had performing loans with one of the failed banks that Rialto Capital/Lennar purchased in January of 2009. There were 22 failed banks and over 5,500 loans acquired in a partnership between Rialto Capital and the FDIC as part of two loan pools, one residential loans and one commercial. If you feel you are not being treated fairly by the FDIC, Rialto, or one of its affiliated companies or if you have seen fraud or related mis-representations involving one of these structured sales, you need to contact us. We want to be able to help you and help each other.
Lennar Corporation, one of the nation’s largest homebuilders, closed two structured transactions with the Federal Deposit Insurance Corporation (“FDIC”). The transactions represent the purchase of two portfolios of loans with a combined unpaid balance of $3.05 billion. A subsidiary of Lennar, Rialto Capital Advisors, is conducting the day-to-day management and workout of the portfolios. Lennar acquired indirectly 40% managing member interests in the limited liability companies created to hold the loans for approximately $243 million (net of working capital and transaction costs), including up to $5 million to be contributed by the Rialto management team. The FDIC is retaining the remaining 60% equity interest and is providing $627 million of non-recourse financing at 0% interest for 7 years. The transactions include approximately 5,500 distressed residential and commercial real estate loans from 22 failed bank receiverships.
Class Action Committee
Tell us what you can do to help and if you want to be part of the Class Action Committee. Our goal is to gather enough support to form a class action law suit against Rialto Capital, Lennar, and the FDIC.
The Developers and Businesses Dilemma
Many Businesses and Developers were in good standing with the bank and had agreements with their bank to convert or roll-over their construction loans into a permanent loan. Due to no fault of the Developer when the bank failed as the result of a FDIC takeover, they were powerless to find alternative financing on their projects. Consequently, their construction loan went into default and now their project is being foreclosed by Rialto and the guarantors being chased for deficiencies. If this is your situation you need to contact us now. There is power in the voice of many as the news has shown lately around the world.
What to do:
• Send us with your contact information and some background on your status with Rialto, Lennar, the FDIC, and their approach.
• Contact your senators and Representatives in Washington DC
Contact us at FRABCo.firstname.lastname@example.org