The state of Texas has lodged a lawsuit targeting Colony Ridge for allegedly perpetrating a scheme that involves selling properties while misleading buyers about their condition.
“Colony Ridge, Inc. (CRI), Colony Ridge Development, LLC (CR Development), Colony Ridge BV, LLC (CR Bella Vista), Colony Ridge Land, LLC (CR Land), T-Rex Management, Inc. (T-Rex), (collectively, ‘Colony Ridge’) and their owner, John Harris, have built a sprawling community northeast of Houston on a foundation of false, misleading, and deceptive sales, marketing, and lending practices,” the suit claims.
The suit describes a “pernicious business model” in which a high rate of defaults perpetuates a profitable cycle in which Colony Ridge can scoop properties up only to sell them again.
“Colony Ridge’s business model is predicated on churning land purchasers through a foreclosure mill. Namely, Colony Ridge targets foreign born and Hispanic consumers with limited or no access to credit with promises of cheap, ready to […]
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