Professional Experience - Tim Leadbetter
I am the owner and broker in charge of Timothy Cline Realty. I started Timothy Cline in late 2004, but I have been in the Real Estate industry for over 32 years. I have developed over 20,000 lots in 15 states and 3 different countries.
March 1974 - July 1976 - Amelia Island, Florida
Amelia Island - General Manager
Amelia Island Company, a subsidiary of Sea Pines Corporation, had filed a Chapter 11 Bankruptcy. Their plan was to return all secured assets to the lenders and liquidate the remaining assests to pay the unsecured creditors. I was hired to be the General Manager during this period and represent the Company on it's negotiations with prospective purchasers and the creditors. I also represented Amelia Island Company in Bankruptcy Court along with their legal counsel.
The Company had assets of over $30 million, and an operation budget of over $12 million per year. Operations included a water and sewer utility company, an association management company, a land development company, a single family and condominium company, a resort operations company, commercial properties management, real estate sales, and general community management. The reorganization plan was approved and unsecured creditors' funds were dispersed.
July 1976 - October 1977 - Charlotte, North Carolina
NCNB Mortgage Corporation (now Bank of America) - Consultant
I assisted NCNB in maintaining and selling it's assets at Amelia Island Plantation. They had approximately 90 condominiums valued at $7.5 million and an office park valued at $1 million. This was on a retainer basis.
October 1977 - September 1979 - Fort Mill, South Carolina
Tega Cay Associates - General Partner, General Manager
As the individual General Partner and Manager of the partnership assets, I was responsible for the entire operation which included the following:
Point Wylie Properties - Real Estate Sales - 1978, $10 million in sales; 1979, $12 million in sales.
Point Wylie Development Company - Owned 800 acres of undeveloped property valued at $12 million.
Tega Cay Amenities - Owned and operated the community service for the 1600 PUD which had approximately 800 residents. Services included the 33,000 square foot clubhouse, 18-hole golf course, 16 miles of roads, 8 tennis courts, security, garbage removal, and parks and recreation. Operational budget was over $1.5 million dollars per year.
Tega Cay Utilities - Owned and operated the water and sewer system. Assets of $2.5 million and an operational budget of $200,000 a year.
Point Wylie Construction - General contractor fo residential housing. Built 150 homes per year and annual sales of over $6 million per year.
Tega Cay Associates had over $900,000 of unsecured debt in October of 1977 and had construction exposure of an additional $250,000. Through liquidation of assets and cutbacks in operations, as well as funds of $600,000 from the partnership, the viability of the Company was no longer in question. In order to accomplish this, I had to negotiate agreements and arrangements with various entities and creditors in order to buy time for the workout. I negotiated an agreement with an individual to manage and operate Point Wylie Properties. Leased the food and beverage operations at the clubhouse, and contracted with builders to finish $750,000 worth of presold residential houses. Secured creditors with land and lots in order to buy time. Swapped land for debt up to $100,000 and negotiated 4 major land deals grossing over $900,000.
October 1979 - December 1985 - Lake Wylie, South Carolina and Charlotte, North Carolina
Wylie Landing - Operating Partner
Wylie Landing was a personal project where I developed 18 single family homes in the Lake Wylie area.
221 Tryon Corporation - Director
221 Tryon Corporation was a personal investment that included 17 seperate projects that had a gross value of over $6 million. They were all primarily real estate or real estate oriented.
January 1986 - Decemebr 2001 - North Carolina, Florida, and Arizona
Leadbetter Consulting - Owner
From 1986 to 1989 I worked as a consultant on many projects around the United States. Some selected accomplishments during this time were:
The City of Orlando, Florida wanted a partner to demonstrate that affordable housing could be constructed and sold to the service sector workers. I worked with City staff and various consultants' hand picked nationwide, and drafted an Affordable Housing Ordinance for the CIty that would create thousands of units costing 20-30% less than comparable homes. This new ordinance became a benchmark in Orlando and for other areas to arrange incentives for developers and builders. I was recognized by the Secretary of Housing and Urban Development at that time, Jack Kemp, for this accomplishment. I was named Affordable Builder of the Year by Professional Builder Magazine, and received special recognition from the National Association of Home Builders.
A Bank in the Carolinas wanted to purchase assets in the lucrative Florida market. They had to liquidate non-performing real estate owned (OREO) according to the Federal Reserve Guidelines. I managed and liquidated over $200 million of the bank's assets and saved the bank over $15 million. I visited with each community and worked out a business plan that would be acceptable by all parties. After the specifc project issues were resolved, some of which were 5 years old; the properties became marketable and were sold for much higher than the appraised values to local developers.
The City of Phoenix, Arizona had assembled over 150 scattered lots by cleaning up older local communities and tearing down gang and older abandoned houses. I woulded out various agreements between a local non-profit agency, a national homebuilder, and a national home mortgage company to create housing at higher target prices to revitalize and rejuvenate the neighborhoods. The mid-priced houses were pre-sold and closed with construction/peramanet loans with no money down and were successful for all parties involved.
A large construciton company in Winston Salem, NC was losing bids because they did not own or control industrial lots. (Industrial land is the only real estate that is constantly sold under market values in order to compete with other bids). I created a joint venture between the company and various local communities to be able to control and price land in order to be competitive in the bidding for industrial projects. Efforts produced over 400,000 square fett of income projects in three years.
A privately held home building company in Charlotte, NC (which is now True Homes USA) had accumulated various assets including industrial buildings, professional office and retail centers, and had them financed with various local banks. The equity was more than generally accepted and the cash flow was below industry standards. I assembled the portfolio and packaged the assets so as to attract a national non-recourse lender to increase the cash flow as well as provide over $3 million in working capital for the company.
January 2002 - December 2004 - Charlotte, North Carolina
Due to the negative impact that 9/11 had on the commerical real estate industry, I redirected my focus back to residential real estate. I spent this time working with various Realtors in the Charlotte area while helping my clients acquire investment properties and getting them rented. During this time I realized that were no agencies in the area that specialized in the lease purchase transaction. I saw this as an opportunity to help credit challenged homebuyers and my real estate investors with a win-win outcome.
January 2005 - Present - Charlotte, North Carolina
Timothy Cline Realty - Principal, Broker In Charge
Timothy Cline Realty was established as the first licensed real estate agency that specialized in lease purchase also known as rent to own, and that did not require a "downpayment" from the tenant buyer. Since it's inception, it has grown into a full service real estate company that works with Charlotte's best Realtors.
