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.