Las Vegas Sun

March 28, 2024

economy:

Hard money lender among several businesses seeking bankruptcy

Business bankruptcies continue to accumulate in Southern Nevada -- among them a big hard money real estate lender.

Recent filings in U.S. Bankruptcy Court for Nevada include:

• Accelerated Design Build LLC dba KWM Construction. That Chapter 7 liquidation petition, listing liabilities of $50,000 or less, was signed by company President Walter G. Watson.

• New View Flooring LLC also filed for Chapter 7. The petition signed by Managing Member Abdel Fetah Elmountassir listed liabilities of nearly $50,000 against assets of less than $1,000.

• Superior Auto Glass Company Inc. also filed for Chapter 7. The petition signed by owner Christopher Mae listed more than $144,000 in liabilities against $20 in assets.

• G & P Rental Development Corp., which filed for Chapter 11 reorganization. The filing signed by President Gregory Phillips listed liabilities of $50,000 or less.

• BDS and Son LLC, which also filed for Chapter 11 reorganization. Managing Member Navneet Sharda filed the petition listing more than $4.5 million owed to Irwin Union Bank and Trust Co. and assets of less than $50,000.

• Integrated Financial Associates Inc., a licensed mortgage broker, also filed for Chapter 11 reorganization.

As a hard money lender, the company said it originates, underwrites, funds and services short-term real estate loans on behalf of investors.

This industry, which boomed during the mid 2000s in Southern Nevada, has suffered with the recession and associated foreclosures.

The Integrated petition, signed by President William Dyer, listed $44.9 million in liabilities against assets of $7.5 million.

Creditors include Vestin Realty Mortgage, listed as being owed $5.15 million for a debt that is disputed. Bank of Nevada is listed as a secured creditor with a claim of $4.8 million against interests in trust deeds.

Several noteholders are listed as creditors while the company's assets include $6 million in real estate in Phoenix and Riverside County, Calif.; and $1.42 million in loan servicing fees and expenses listed under accounts receivable.

The company also has numerous partnership interests for real estate projects throughout the West. The value of those interests is generally listed as unknown.

The company noted it's involved in numerous lawsuits in which it generally alleges breach of guaranty, breach of contract or wrongful foreclosure against various parties.

On its website, Integrated says that in 2007 it funded nearly $107 million in trust deed loans on behalf of its investor clients and, "In 2011, IFA believes there will be outstanding opportunities to make new first trust deed loans at 10 – 40% of the original debt on the property."

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