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Special Reports
Construction Lending
Aiding Michigan Housing Development Buyers
By James Comtois
A builder involved in the Maybury Park Estates development here has bailed out,
leaving some potential homeowners high and dry, despite the fact that they already paid their deposits. However,
in spite of these homebuyers losing their deposits to the development, all is not lost.
As a means of aiding these homebuyers, two homebuilding brothers from Michigan and competitors of the Maybury Park
Estates developers are offering them credits and an alternative plan in an adjacent community.
Eric and Mark Guidobono are offering the displaced homebuyers credits ranging from $15,000 to $30,000 after they
became abandoned by one of the Maybury Park Estates builders, Plymouth, Mich.-based Multi Building Co. Inc.
According to Guidobono Building, construction came to an end when the developer's financial problems became public
and many homebuyers were left in a position of being owed money from a bankrupt company. The other developer, Commerce
Township builder Babcock Homes, continues to build at Maybury Park and has been trying to work with some of Multi
Building's customers.
At a time when many builders are putting new home construction on hold, the Guidobonos are offering those buyers
a credit of up to $30,000 to be used as a downpayment for their adjacent country estate homes in Tuscany Reserve.
This 58-estate gated community is less than a mile west of the Maybury Park Estates. "We know we cannot correct
the past, but can help make the future more promising for those who qualify for our credit offer," said Eric
Guidobono, president of Guidobono Building, who is developing Tuscany Reserve along with his brother Mark Guidobono,
president of Cambridge Homes.
"I feel for these buyers who put down money to secure a home they dreamed
of owning only to have that dream turn into a nightmare," said Mark Guidobono, who was past president of the
Michigan Builders Association. "What happened with this builder in Maybury Park Estates and some of their
other local developments is not how the housing industry operates and we are concerned enough to want to help these
buyers.
"We invite them to take a drive down the road to Tuscany Reserve, introduce
themselves and our companies will help make things right for them by turning their lost deposits into a credit."
Mark Guidobono founded Cambridge Homes in 1979 as a home designer/homebuilding company building high-end custom
homes and exclusive developments primarily in Southeastern Michigan. Cambridge Homes Inc. and Guidobono Building
Co. developed Bellagio, the first gated community in the area. That community, now completed, consists of European-styled
custom-built estate homes.
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