Foreclosure proceedings have begun against the owners of a Charlotte home that was used as collateral for a more than $5 million commercial loan, according to court documents.
A foreclosure hearing has been scheduled for 9:30 a.m. Feb. 25 in Mecklenburg County Superior Court for Terry E. and Linda C. Dalton, according to a notice filed in the courthouse.
The five-bedroom, 2 1/2-bathroom home is at 2401 Sharon Road. The principal owed to Charlotte-based Park Sterling Bank is $5.23 million.
Linda Dalton is a licensed broker and registered agent of the limited liability company, 2015 QRW, which has developed four condominiums at 2015 Queens Road West in Charlotte, according to the company’s website. 2015 QRW is an active company, according to the North Carolina Secretary of State.
The foreclosure filings list 2015 QRW as the borrower on the loan.
The promissory note was dated Jan. 10, 2007.
Linda Dalton declined to comment. Trustee John MacNeill had no comment, and a spokesperson at Park Sterling Bank did not return a call.
The two-story home was built in 1926 and was valued at $511,600 during the 2003 countywide reevaluation, according to the county’s Real Estate Lookup website.
Tara Ramsey can be reached at email@example.com.