Provident Holdings & Investments v. Cathay Bank CA
Prior to February 2010, Provident Holdings & Investments, LLC (Provident) was the owner of commercial property located at 2157 South 10th Street in San Jose (the Property). Provident purchased the Property in 2005 with a secured loan made by Cathay Bank (the Bank). The next year, using a secured construction loan from the Bank, Provident developed and subdivided the Property into 12 separate office condominium units. In October 2009, the Bank as secured lender instructed the trustee under the first deed of trust, Chicago Title Company, to commence nonjudicial foreclosure proceedings as to seven of the units. (Hereafter, the Bank and Chicago Title are collectively referred to as the defendants.) A trustee’s sale took place on February 19, 2010, at which time the Bank, as the sole bidder, purchased the seven units through a credit bid.
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