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WBTV investigation finds more foreclosure notices hanging over Charlotte contractor

The new court records raise questions about whether potential homebuyers are at risk of losing out on their deposits.
The new court records raise questions about whether potential homebuyers are at risk of losing out on their deposits.
Published: Feb. 4, 2022 at 5:41 PM EST|Updated: Feb. 4, 2022 at 7:11 PM EST
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CHARLOTTE, N.C. (WBTV) - A WBTV Investigation into a Charlotte homebuilder has found more foreclosure notices hanging over properties the contractor is trying to sell.

The new court records raise questions about whether potential homebuyers are at risk of losing out on their deposits.

WBTV started investigating R-Cubed Charlotte Investment Group after discovering numerous lawsuits, complaints and liens filed against the company and its properties. The company uses the name City View Terraces and is owned by Christopher Bradshaw.

Customers who were trying to buy the new homes built by owner Chris Bradshaw filed lawsuits and complaints saying there were so many liens and judgements against the properties, that clearing the title seemed nearly impossible. Bradshaw’s attorney disputes the accuracy of those claims against his client.

WBTV previously reported that two properties on Julia Maulden Pl near Optimist Hall under construction by R-Cubed were facing a notice of foreclosure.

Bradshaw’s attorney previously told WBTV in an email “these units will be out of foreclosure within the next few weeks.”

In a court hearing earlier this week, the foreclosure sale date for the Julia Maulden properties was pushed to March 15th, giving Bradshaw a chance to complete construction and close on the homes.

But there are more foreclosures on the horizon.

Thursday a deputy served another notice of foreclosure for a property on Irwin St. owned by R-Cubed. What is supposed to be a large uptown house is still only a slab of concrete.

Court records also show four units on Greenleaf Ave owned by R-cubed are entering the foreclosure process.

Combined, Bradshaw and R-Cubed owe roughly $2 million to lenders over the next two months.

In a court hearing, an attorney stated that R-Cubed withdrew $1,122,000 from the loan on the Julia Maulden properties.

Foreclosure records for the Irwin St property show that Bradshaw owes in access of $320,000.

Records for the foreclosure on the Greenleaf properties show that Bradshaw executed a loan with a maximum amount of $1,512,000 but it does not indicate how much money Bradshaw withdrew.

An attorney representing the trustee executing on the Julia Maulden foreclosure said the loan to R-Cubed was a hard money loan, which is a short-term loan that typically comes with a higher interest rate than other types of commercial loans.

Real estate records show that the Julia Maulden properties and one of the properties on Greenleaf are under contract with potential buyers. Some of them have been under contract for months, indicating there could be issues preventing the company from closing.

Mecklenburg County records also show the properties on Greenleaf, Irwin and Julia Maulden are delinquent on their property taxes, adding several thousand dollars of complications to an already convoluted situation.

In an email to WBTV, Bradshaw’s attorney criticized WBTV’s reporting but did not provide specifics about information they disputed. The attorney also said they would offer to refund deposits the customers under contract who wanted out.

RESPONSE TO WBTV’S REPORTING FROM BRADSHAW ATTORNEY RAY OLANG

Unfortunately, the inaccurate information you are presenting is causing more harm to the parties involved in the transactions (home buyers, real estate agents, closing attorney’s, lenders, their respective companies, and their respective employees) than it is benefiting the general public. Closing of specific units were delayed due to a lender; the closing of these units is planned on starting early next week.

If any buyer wants their deposit refunded from fear due to your erroneous reporting, that can and will be arranged.

R-Cubed is committed to completing and selling all its project units.

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