New defaults for Crisp, Cole, records show


Cole says one of homes has offer on it already

Four new defaults have rolled in for former Crisp & Cole Real Estate partners and spouses in less than a week, public records show.

The latest default notices add more than $1.7 million in primary loans to a growing list of Crisp & Cole-related properties in some stage of foreclosure.

Since last Thursday, David Crisp defaulted on a $728,000 primary loan on a southwest property. His wife, Jennifer, defaulted on a $256,000 primary loan against a southwest home.

Carl Cole, meanwhile, defaulted on two southwest properties with primary loans of $364,000 and $445,200.

The combined secondary loans on the four properties total more than $448,000. If the properties ultimately foreclose, such secondary debts could be swallowed by the lender if a public auction fails to recoup more than what’s owed on the primary loan.

Since the beginning of the year, Crisp & Cole’s employees, their family members, business associates and customers have defaulted or foreclosed on at least 74 properties, an ongoing Californian tally has found.

Primary loans at risk of failure total more than $37 million; secondary loans more than $8 million.

Crisp did not immediately return a phone message left Tuesday afternoon. The real estate salesman’s new company is Crisp Real Estate. So far, Crisp has not yet righted any of the 14 defaulted properties belonging to him, his wife and his mother.

Cole, the former managing broker for Crisp & Cole Real Estate who now runs realty company Points West Group, said the two defaults in his name “will be taken care of eventually.”

One of the homes has an offer on it already, he said.

In June, Cole successfully erased a default on a $1 million loan by selling the property, records show.

“I wonder why you’re not checking every other Realtor in town as thoroughly as you’re checking us,” Cole said. Cole said thousands of other real estate professionals have properties in default, but declined to provide names.

A Californian survey of defaults on loans of $500,000 or more since Jan. 1 has found no other local real estate company with a similar large cluster of defaulting properties.

The California Department of Real Estate is reportedly investigating some of the former company’s transactions, two former employees have said.

By Gretchen Wenner, The Bakersfield Californian


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