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November 29, 2009

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Henderson developers sued over loans

Tuesday, Dec. 19, 2000 | 10:44 a.m.

A real estate loan broker sued American Communities LLC and its two principals, alleging they made false financial statements to obtain a $1.7 million loan.

In a Clark County District Court lawsuit, USA Commercial Mortgage Co., which said its customers depend on the company to deliver loans that are "first rate and not likely to go into foreclosure," said it asked its clients to fund several loans and a debt restructuring agreement for the defendants because it was misled by their allegedly false financial statements into believing the defendants were creditworthy and able to service the loans.

The defendants include American Communities' two former principals, Robert and Cheryl Porter, and its three condominium developments in Henderson: Destination At Tierra De Las Palmas LLC, Renaissance At Tierra De Las Palmas LLC and Enchantment At Black Mountain LLC.

The suit said several loans were made to the defendants after the Porters provided a financial statement that allegedly showed net income of $1.878 million for 1998 and allegedly agreed to provide 1998 income tax returns.

But the defendants' income tax returns revealed American Communities LLC lost $1.282 million in 1998, the suit said.

The defendants could not be reached for comment.

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