By Karen Brettell

NEW YORK (Reuters) - WCI Communities Inc WCI.N, a luxury home builder, said on Tuesday it has defaulted on its bank loan agreements after failing to meet minimum liquidity levels required by bank lenders.

If WCI cannot amend terms of its loans with banks, or raise cash to repay the debt, it may be forced into bankruptcy in the near-term.

WCI said in a regulatory filing that it is in default on its revolving credit facility, term loan and apartment construction loan agreements. As of June 30, these loans represented $758.4 million in debt.

"It appears that the curtain is falling on WCI," said Vicki Bryan, analyst at independent research firm Gimme Credit.

WCI, whose business is primarily concentrated in Florida, where it is based, needs to complete a debt restructuring before a key deadline on Aug. 5 or it will not have enough cash to repay its lenders.

Holders of $125 million of WCI's convertible bonds informed the company in June they would exercise their right to give the notes back to the company on Aug. 5 and be repaid at par.

"If we are unable to satisfy the obligations with respect to the convertible notes, we may be forced to file for bankruptcy," WCI said in its filing.

To repay the notes, WCI is offering to exchange the convertible debt for new bonds and stock warrants. This exchange is contingent on also being able to sell new second-lien notes and amend the terms of its bank agreements.