Small Developer in Salt Lake City Faces Foreclosures on Three of His Properties

Reign Holdings, a firm owned by local real estate agent and developer Cody Chamberlain, is currently facing foreclosure issues on three of its properties. According to notices filed in Salt Lake County, this real estate firm is in default on loans totaling more than $1.9 million with two short-term lenders.

Cody Chamberlain and his company, which is developing a neighborhood bar at 1533 S 1100 E, have a note indicating a debt of $877,200 on the property, which is now headed for foreclosure. It should be noted that this property is currently leased, and the lease is expected to remain in effect regardless of its auction or refinancing. This property, formerly a machine repair shop, is now listed for sale at $1,650,000.

The second property is a three-unit residential building at 1330 S 1100 E, which was purchased in 2021. It has a debt note of $530,250 and is listed for sale at $944,000.

The third property that could fall into foreclosure is a three-unit residential building with a commercial space located at 1386 S 1100 E. It was also purchased in 2021 and has a loan of $1,416,000.

In light of this situation, Mr. Cody Chamberlain, the owner of the involved real estate firm, explained to a local media outlet: “It has been difficult to obtain permanent financing over the last few years, so I have relied on short-term six-month loans, which were challenging with vacant properties. Now my goal is to increase value through renovations and stabilize rents, but I ran out of time.”

Available Foreclosures:

Salt Lake City: 3 homes available.

By Elías DaSilva | 15 de Noviembre de 2024.