In late April, T.H. Properties, a BUILDER 100 firm, abruptly closed its doors, leaving many new home owners waiting at the settlement table. The Harleysville, PA — based company was formed in 1992 by a partnership between brothers Tim and Todd Hendricks and focused on developing residential properties geared to the first-time home buyer. Its projects were located primarily in Montgomery County, with a few others in the Lehigh Valley and New Jersey.

In 2008, the firm closed 385 homes for $125 million in revenue, according to data provided by BUILDER 100. Wachovia Bank and Continental Bank have filed suits to recover money they lent the builder: $7.6 million from Wachovia and $7 million from Continental. Both banks have had judgments rendered in their favor and both banks have also personally sued the Hendricks brothers in order to attempt to get the money repaid.

The firm’s voice mail includes a message restating their commitment to reorganize through a restructuring of its obligations and to continue with its development projects. Earlier in the year, the firm had projected closing 350 projects in 2009.