2604 Campbellton Rd SW

UPB as cited in the broker/disposition-manager memo relayed by email

$1,350,000

General loan status

REO

Fund

Meitav

Legal fees per the Investment Committee memo

$12,021 — conflicts with the LMS-derived legal-fee total of $5,037.94 through 2026-06-26 (see campbellton.legalFees above). Not resolved: the memo is dated 2026-08-10, so additional fees may have accrued since the LMS snapshot's 2026-06-26 cutoff, or the two figures may use different accounting scopes. Both kept, neither overwritten.

Buyer's current cash offer for the 10 Reigo-owned units

$1,000,000 total ($100,000/unit), 3-day close, $10,000 earnest money

HOA / project financing eligibility status

HOA dissolved — no master insurance, no reserve study, no condo questionnaire signer; project non-warrantable for agency/FHA financing

Fire separation in the shared attic space

Buyer reported no fire separation — broker explicitly states: "We have not verified this fact."

Feasibility of pursuing the personal guaranty (PG) on this loan

Confirmed feasible by Roger; no evidence a PG pursuit was actually initiated

Recommended course of action on the current buyer offer

Roger recommended accepting the $1,000,000 cash offer

Number of units in the Campbellton collateral

10 units — 9 individually addressed in the REO Asset Tracker (D2, C4, B4, C3, A6, D4, G1, B1, H4) plus unit C2, which appears separately in the eviction tracker. Corroborated by arithmetic: 10 × $129,200/unit UPB = $1,292,000, matching Grand Summary's loan-level UPB exactly.

Combined BPO valuation across all 10 units

$854,000 as-is ($770,000 across the 9 marketed units, BPO dates 5/14–7/24/2026, + $84,000 drive-by BPO for unit C2, 7/25/2026). Repaired value for the 9 marketed units: $910,000 (unit C2 has no repaired-value BPO on file).

Individual retail listing status for the 9 marketed units

All 9 units listed at $139,900 each (unchanged since initial listing), current RMV $120,000/unit, 76–77 days on market, broker Jude Rasmus (Rasmus Real Estate). No buyer offers reported on any of the 9 units.

Unit C2 occupancy and eviction status

Occupied (occupant type unknown); active eviction, lockout scheduled 2026-09-24. Cash-for-keys unresponsive ($500 initial and max offer, as of 2026-02-20). Eviction counsel: Rubin Lublin LLC (foreclosure counsel of record: Gingo Palumbo Law Group LLC). Vesting entity: Reigo by Meitav Dash US Investments, LLC.

Per-unit BPO report documents on file in SharePoint (likely photo-embedded — PDF sizes of 1.6–11.3MB are consistent with vendor BPO reports, which standardly include property photos — not opened/verified this pass, and not yet integrated as displayable images in Recovery OS)

BPO-A6.pdf | BPO-B1.pdf | BPO-B4.pdf | BPO-C2.pdf | BPO-C3.pdf | BPO-C4.pdf | BPO-D2.pdf | BPO-D4.pdf | BPO-G1.pdf | BPO-H4.pdf

Floorplan image files on file in SharePoint for this deal — unit mapping not confirmed; the single-letter filename suffix most likely denotes a floorplan type shared across multiple units, not one specific unit ID

Floorplan-B.jpg | Floorplan-C.jpg | Floorplan-D.jpg

Total size of the condo complex Campbellton's 10 units sit within

36 units total in the complex — Reigo's collateral is 10 of the 36.

Loan originator

BP Fast Lending

Guarantor on this loan

Timothy Cox — not previously named in any source on this case.

Total Investment Amount (memo's own terminology — distinct from UPB)

$1,304,021 — reconciles exactly to UPB ($1,292,000) + Legal fees ($12,021) per the memo's own figures. Deliberately kept distinct from UPB below: the memo uses "Total Investment Amount," not "UPB," and the two are not interchangeable.

Loan history and original exit plan

A 12-month bridge loan purchased May 2025 to fund acquisition of the 10 condo units — no rehab component. Intended exit: the borrower would obtain longer-term, cheaper take-out financing. The borrower made only one payment before defaulting.

Management's belief about why the borrower defaulted

Reigo believes the borrower was overleveraged on other, unrelated assets — Reigo states it lacked visibility into those other assets. This is management's own belief about the borrower, not an independently verified fact about the borrower's actual financial position.

Management's read on why the original exit plan failed

Atlanta-area supply conditions weakened after origination, undermining the original take-out-refinance exit plan — management's own market assessment, not a cited third-party market report.

REO date

REO since December 2025 — the specific month/year this asset became REO, not previously recorded on this case.

Marketing duration and market response as of the memo date

Listed approximately three months as of 2026-08-10, with almost no market interest or activity — consistent with (not new beyond) the existing retail-listing evidence (76–77 days on market, no offers, as of 2026-07-20). One local developer is reported as familiar with the asset — no offer or terms from that party are stated.

Property / operating problems (complex-wide, not unit-specific)

Vandalism reported. HOA dissolved (consistent with existing hoaStatus evidence). The complex has a single electric meter and a single water meter serving all 36 units — not separately metered per unit. Reigo has been unsuccessful so far in obtaining water/sewer allocations directly from the dissolved HOA. Management expects the resulting unpaid-utility exposure to be material — no dollar figure is given or estimated, and none should be inferred.

Original buyer offer (per the 2026-08-10 Investment Committee memo's own offer-history framing)

$1,350,000 — later renegotiated down to the $1,000,000 current offer (see campbellton.buyerOffer above, and campbellton.icRecommendation below). Not overwritten — both figures are kept.

Hold / repair economics considered as an alternative to accepting the current offer

Separately metering the 10 units is estimated to cost more than $100,000 — a management estimate, not an invoice or a contractor bid. Additional property taxes and insurance carry would continue throughout that process. The unresolved HOA/utility situation could create further, unquantified costs.

Auction alternative considered and rejected

Reigo explored selling all 10 units via auction. After review, management concluded auction would not produce a higher offer than the current $1,000,000 offer. This is management's own analysis and judgment call, not an independently verified market appraisal or a completed auction process.

Investment Committee management recommendation

Reigo recommends accepting the $1,000,000 offer. Stated reasons: (1) collective unit value is viewed as materially below current debt based on real market response; (2) separately metering the units plus continued carry during that process is economically unattractive; (3) the unresolved HOA/utility situation creates additional downside risk; (4) the auction alternative was considered and management believes it would not outperform the $1,000,000 offer. This is a MANAGEMENT RECOMMENDATION from Reigo's own Investment Committee — not an AI-generated recommendation, and not yet a recorded formal Decision on this case (see Decisions section below).

Arithmetic relationship between the $1,000,000 bulk offer and the 10-unit count (context for the open C2 question below)

$1,000,000 ÷ 10 units = $100,000/unit, matching the existing buyer-offer Claim's own per-unit figure exactly. This is consistent with unit C2 being included in the 10-unit bulk offer, but no source explicitly states whether C2 (which is under active eviction, unlike the 9 vacant retail-listed units) is actually part of this offer or excluded from it. The arithmetic match is noted here as context only — it is not treated as an answer.