Bank Seeks $3.3M Foreclosure on Real Estate Tied to Local Electronics Company

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United Community Bank has filed three foreclosure lawsuits in Miami-Dade County, seeking to recover $3.26 million from real estate tied to Camlem Trade, a Doral-based electronics wholesaler primarily serving Latin American customers. Despite filing for Chapter 11 bankruptcy in July, Camlem Trade, also known as CMTRD LLC, remains operational.

The Greenville, South Carolina-based bank, one of Camlem Trade's largest secured creditors, is pursuing foreclosure on properties connected to the company's defaulted loan. On September 24, United Community Bank filed lawsuits against Helmica Investment LLC, Camiguama Investments LLC, and M&F Real Estate Investment, targeting properties they own in Doral. According to property data firm Vizzda, none of the lawsuits directly name Camlem Trade or its CEO, Marcelo Irigoin, as defendants, though Irigoin signed the original loan agreement.

The Loan and Foreclosure Details

The lawsuits stem from a $10 million loan United Community Bank made to Camlem Trade in 2021, with Irigoinsigning as the borrower. The loan reportedly went into default in July 2022, and the bank negotiated a forbearance agreement seven times with the borrower. In March 2023, the loan was modified, adding real estate owned by Helmica Investment, Camiguama Investments, and M&F Real Estate Investment as collateral.

The properties targeted in the foreclosure lawsuits are:

• Helmica Investment's 1,537-square-foot industrial condo at 1520 N.W. 89th Court, Unit 9.
• Camiguama Investments' two townhouses: a 1,610-square-foot property at 4915 N.W. 83rd Path and a 1,604-square-foot property at 4975 N.W. 83rd Path.
• M&F Real Estate Investment's 1,604-square-foot townhouse at 4935 N.W. 84th Ave.

According to the lawsuits, the loan is in default, with the borrowers owing $3.26 million, plus principal and interest.

Legal Representation and Bankruptcy Case

Daniel M. Coyle, the Miami-based attorney representing United Community Bank, declined to comment on the ongoing foreclosure lawsuits. Meanwhile, Sue D. Lasky, a Fort Lauderdale-based attorney representing Camlem Trade in bankruptcy court, noted that the company generates sufficient income to repay the loan. Lasky explained that the properties in the foreclosure suits are tied to personal guarantees rather than the corporate bankruptcy case. She stated, "I believe UCB is aggressively trying to get this loan paid and using the foreclosures as leverage."

Camlem Trade’s Financial Situation and Ownership

In its Chapter 11 filing, Camlem Trade listed nearly $5 million in debt and over $13.7 million in assets. Despite its financial struggles, the company is still in business, aiming to reorganize and repay its debts.

Marcelo Irigoin, listed as the full owner of Camlem Trade in the bankruptcy petition, pleaded guilty to money laundering in January 2023 and was sentenced to two years and two months in prison. His legal issues add another layer of complexity to the financial restructuring and the bank’s efforts to recover the defaulted loan.

As the foreclosure lawsuits progress, the outcome could have significant implications for the company’s restructuring efforts and its ability to satisfy its creditors.