ST. LOUIS — A lender is suing Micahel Thomas, Ribbon Cutter Inc. et al, house flippers, citing alleged breach of a loan agreement.
Capri Capital LLC, d/b/a REI Funding, filed a complaint on Jan. 10 in the St. Louis Circuit Court against the defendants alleging that they failed to perform their contractual obligations.
According to the complaint, the plaintiff alleges that between May 2016 and November 2016 the defendants collectively borrowed $432,950 from the plaintiff across five separate secured loans with the intention of repaying the money via the proceeds from the sale of the properties that secured the loans. In total, the principal amount of $392,950, plus interest, legal fees and insurance fees of $200,639.45 remains unpaid.
The plaintiff holds the defendants responsible because they allegedly failed and refused to make payments for the said amounts.
The plaintiff requests a trial by jury; and seeks an order enjoining further disposition of the secured properties by any of the defendants, appointment of a judicial receiver to serve as custodian of the same, award for actual damages, pre- and post petition interest, costs of court, attorney's fees, and such other additional relief that are just and appropriate. It is represented by Ryan C. Hardy and Arthur D. Gragg of Spencer Fane LLP in St. Louis.
St. Louis Circuit Court case number 1822-CC00062