First Federal Bank Forecloses on Local Developer
Last updated Thursday, July 17, 2008 6:29 PM CDT in Business
By The Morning News
First Federal Bank recently filed a petition for foreclosure in Washington County Circuit Court against Dream Team Holdings LLC, a business venture between Brandon Barber, Seth Kaffka, Seth Rains and John Russell Meeks.
The original loan of $5.18 million was made in June 2005 at an interest rate of 6.5 percent, according to the filing.
Barber and the other defendants pledged property located in Fayetteville along Township as collateral for the loan. The street address was not reported in the filing.
The Fayetteville property mortgage is in default with an estimated $2.79 million due on the principal loan made to Dream Team Holdings in 2005, the filing said.
Harrison-based First Federal Bank is asking the court for a judgment against the respondents for principal and interest totaling approximately $2.96 million, along with the court costs and related legal fees.
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