Roger Pollock, the owner of the Buena Vista Custom Homes, Inc. based in Lake Oswego has reported that the Sterling Savings Bank has issued foreclosure notice on 15 of his properties. Pollock happens to be one of the well-known and largest builders of Poland. He owns the credit of constructing a large number of homes in the region and today is facing the problem of foreclosure on his properties. In an attempt to get rid of the bank debt, he started auctioning 240 homes last year giving a big surprise to the Portland real estate community and became successful in staging two auctions.

In the meantime, Pollock put some of the remaining homes on rent with some of them on lease-to-buy contracts. Today, he has about 70 homes and all of them are up for sale. He has said that he has been the owner of a portfolio of rentals always. As the rentals are unable to yield enough money needed to cope up with the debt payments, he has started looking for lower interest rates like other builders. Besides the lower interest rates, he has also been looking for other concessions from lenders and interest-only payments in order to overcome the foreclosure distress.

According to Pollock, the debt amounts to $5 million in loans that he has taken from the Sterling Savings Bank on his 15 homes. He has expressed his deep surprise about the foreclosure filing on his homes by the Sterling Savings Bank. He has said, “We’re negotiating with all our banks and every house is a case-by-case basis. This is just the direction that Sterling chose to go. It caught us by surprise.” According to Pollock the 15 properties that are in question are owned by Del Playa Investments LLC, which is an independent investment entity.

Pollock has even said that Buena Vista Custom Homes, Inc. is not getting bankrupted but it is true that they are not going to construct any further homes or real estate properties. The Sterling Savings Bank is a Spokane-based savings bank that has played a significant role during the April bankruptcy that took place with the homebuilder Tony Marnella of Clackamas County including three of his firms and also the July bankruptcy of flooring dealer Trinity Carpet and Milwaukie Carpet. It has a history of active lending. Some of the renters of Pollock in the Happy Valley have already got mails on the foreclosure of their properties.

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