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Prospect Homes of Richmond - Virginia home builder

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2009-06-02

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stories: richmondbizsense.com

RichmondBizSense.com has reported that Virginia-based Prospect Homes of Richmond has filed for Chapter 11 bankrupty protection after "more than 25 years" of business. Per the article:

The company listed assets between $50 million and $100 million.

Audi and attorney Roy Terry did not return calls by this story's deadline. In 2008, Prospect Homes was the No. 6 builder in the Richmond area, selling 114 units, according to annual rankings by the Home Building Association of Richmond.

Eight of Prospect's top 10 creditors are banks, including SunTrust Bank, BB&T and First Market Bank. According to the filing, those banks are owed nearly $30 million combined, $21.6 million of which is secured by real estate and equipment.

Prospect Homes was listed as a top 200 builder in 2007 (No. 187), closing on some 190 homes that year. According to a subcontractor who spoke to RichmondBizSense on conditions of anonymity, Prospect Homes has some 50 homes still under construction and 25 homes for sale.

If you have further information on Prospect Home's operations or bankruptcy filing, please comment below or email us!

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.