A little over a month after Telesis Community Credit Union filed an $11 million breach of contract claim against a Florida development company, the cooperative said it is working with the borrower to avoid foreclosure.
The $530 million Telesis in Chatsworth, Calif. said the Florida shopping center, owned by International Shoppes LLC, is not likely to be acquired through foreclosure as the borrower "is actively working on a resolution and no foreclosure proceeding has been initiated at this point."
As the case with the Florida property, a state-court appointed receiver is one many ways to thwart foreclosure, said Loren Houchen, chief operating officer at Business Partners LLC, a business lending CUSO primarily owned by Telesis.
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"In many cases, we anticipate that the loans will perform during receivership or will exit bankruptcy with a plan of reorganization in applicable foreclosure cases with a favorable resolution for the lenders and the borrowers," Houchen said.
The CU is also working to settle a $6.8 million Oregon property loan. The case is currently in bankruptcy and has not yet been acquired by the lender as the bankruptcy process puts the foreclosure on hold, Telesis said.
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