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2008-11-05

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stories: star-telegram.com

Dallas-Fort Worth home builder Twinmark Homes (website: twinmarkhomes.com) appears to be having some difficulties. We've heard a number of rumors to this effect, and the Star-Telegram recently reported that tenants renting a home from a Twinmark entity are seeing their house foreclosed on by the bank:

The Manuels say they have paid their $1,500 rent every month to JEMH, an entity of Twinmark Homes of Fort Worth. They are not building equity through the rental program, but had a verbal understanding that they could buy a home as soon as they could elevate their credit standing. The Manuels say they have also put in $10,000 worth of appliances, installed phone and cable lines, and added a flower bed because they believed that they would one day own the house. . . .

Colonial Bank is foreclosing on the Manuels' house. The home is also collecting liens from construction product companies that say in court filings that the builder owes money. . . .

Justin Arnold, who owns the company with Matthew Arnold, referred calls to the company's attorney, who often handles bankruptcy cases. She did not return phone calls seeking comment. A check of court filings Thursday shows that Twinmark Homes has not filed for bankruptcy.

The article goes on to note various lawsuits that have been filed against Twinmark for monies owed.

One informant tells us that Twinmark had around 80 starts a year and had a "6 subdivision presence."

Finally, another tip we received indicates that Twinmark is unable to build new homes due to banks not loaning them money. Per the tip:

I [knew a person who went] to buy a new house to be built from the ground up. The sales manager told [this person] that they were not building any new homes. The banks are not loaning them any money to build new starts.

If anyone can update us regarding Twinmark Homes or provide clarification as to their status as a going concern, please let us know.

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Comments:

Justin at 23:24 2008-10-17 said:
A tipster writes in about DFW homebuilder Twinmark homes. Apparently, they have some ongoing litigation with vendors. Per the tip:

Twinmark Homes allowing their lawyers to discuss settling outstanding balances.
Regarding the size of Twinmark, the tipster says:

4 superintendants. 6 subdivision presence. Around 80 starts a year.
We believe this is their website:

http://www.twinmarkhomes.com/

Any tips as to their status? Please post or email us at builder-feedback@builder-implode.com Permalink

BuilderGirl at 17:00 2008-10-20 said:
I shared a community with them at Centex, not much to say about them.

Small company that gave us very little competition, I know they had most locations in Ft. Worth. Permalink

Justin at 08:03 2008-10-29 said:
Bumping this thread as we've gotten tips from a couple others about both ongoing litigation and possible liquidation. However, we can't disclose the tips without risking the anonymity of our tipsters -- anyone hear anything public about Twinmark?

Anyone living in a Twinmark community? Permalink

Justin at 12:47 2008-10-29 said:
And another tip in the mailbox:

I [knew a person who went] to buy a new house to be built from the ground up. The sales manager told [this person] that they were not building any new homes. The banks are not loaning them any money to build new starts.
Anonymized to protect the tipsters identity. Permalink
Pooge at 11:44 2008-11-03 said:
Article on Twinmark:

http://www.star-telegram.com/business/story/1013922.html Permalink

pstofd at 19:17 2008-12-11 said:
Justin Arnold (owner) Twinmark stopped building in the Lakes of Cross Oak Ranch about October 2008, Some of the occupied homes have been served with intent to file lien from concrete,building supply,gutters,fencing and A/C contractors. There are three empty houses that have been for sale since February 2008 and one house that was stopped in the middle of the build. Permalink
Justin at 15:41 2009-02-09 said:
Just reposting an anonymous comment we received by email (identifying elements removed):

I am, sad to say, a Twinmark home owner. We moved into the house on Feb. X, 2008. This was after 3 months of delay on completing the house. I should have realized something was not right. We immediately compiled a list of over XX items that needed repair or attention. I presented this list to Justin Arnold, his sales manager and the Superintendent. I had many conversations with them concerning addressing these items. After going through 5 Superintendents in less than a year, only a handful of the items were fixed. We are now at the 1 year mark and no one will return any phone calls. I have repaired the majority of the items myself. I filed a complaint with the Fort Worth BBB and noticed last week the BBB has given Twinmark Homes an “F” rating…..
Permalink
lori7meyer at 00:19 2009-02-17 said:
We had a home built in Reata Ranch by Twin marks, we ask them to not have the home ready til may they hurried had it done in early Feb. we had our home to sell so thats why we wanted them to waitso odf course we did not get the home. the loan fail through because we would of had to have our home sold first. now I am so glad we did not get that home. I drove over there to see it and it looks like the sub. has been abandon. all of twinmark workers are gone and the model homes now people in them living and all the other homes they had built are sittin empty and ne wones being built are not finished. its a mess over there and the home i would of gotten well the people are not happy they hate it, it has alot wrong with it. Permalink

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Important: Ailing Builders haven't shut down, but they've suffered significant valuation declines, temporarily halted redemptions, or faced other major business hurdles. Builders on watch may not even have unusual declines relative to peers, but may be posted if it is felt there may be risk of developing a more serious condition in the near future.