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Bank Reportedly Sues Home Builder

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HARLEYSVILLE PA – Wachovia Bank has filed lawsuits against area home builder THP Inc. and its principals, brothers Todd and Timothy Hendricks, seeking to recover a total of $19.7 million, The (Lansdale PA) Reporter newspaper reported today (Friday, March 6, 2009) in an article written by David Hare.

An attorney representing Wachovia declined to comment on its three suits, The Reporter said, but Hare’s interview with Todd Hendricks indicated the actions likely were related to real estate loans THP obtained from Wachovia. Neither the Wachovia or THP websites offered comment or press releases today on the matter.

THP, an acronym for The Hendricks Properties, was founded by the brothers in 1992, according to its website. In Montgomery County PA, the company currently is developing new home communities in the townships of Upper Pottsgrove (Coddington View), New Hanover (Kingston Hill Phase II, Hawthorne Estates, and the Village at Wynstone), Skippack (Biltmore Estates), Upper Providence (Burbank Grove), Franconia (Lincoln Woods, Belmont Estates Phase II, and Westport Farm), and Upper Hanover (Northgate), and the borough of Red Hill (Preston Court).

Kingston Hill, located on the east side of North Charlotte Street (PA Route 663) just north of Bleim Road, is closest to Lower Pottsgrove Township. The township late last year had considered, and then decided against, using land about a quarter-mile south of Kingston Hill as the site of a landscape waste recycling facility.

THP’s corporate offices and sales center are headquartered at 345 Main St. The company also operates mortgage and title insurance subsidiaries, Hendricks Mortgage and Hendricks Abstract Inc., respectively. THP’s website reports Hendricks Mortgage is affiliated with Wells Fargo Home Mortgage, a division of the Wells Fargo national banking firm that purchased Wachovia in a merger completed Dec. 31 (2008).

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