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Court Appointed Receiver Soliciting Bids on Four USDA B&I Loans Originated by Nik Patel’s First Farmers Financial

August 7, 2015

Court Appointed Receiver Soliciting Bids on Four USDA B&I Loans Originated by Nik Patel’s First Farmers Financial

By Bob Coleman
Editor, Fraud Friday

glslogo2015United States Department of Agriculture (“USDA”) Business & Industry Loan (“B&I”) Program Non-USDA Guaranteed Portion Sale and Guaranteed Portion Servicing Rights

Government Loan Solutions is pleased to invite proposals to purchase four USDA B&I loans, along with servicing rights.

The loans were originated and serviced by First Farmers Financial, LLC and now are under the control of Patrick Cavanaugh of High Ridge Partners, Inc., not individually, but solely in his capacity as the Overall Receiver in the matter of First Farmers Financial, LLC, Case No. 14 CV 7581, pending in the United States District Court for the Northern District of Illinois.

The four loans will be sold as a package and are identified as:

1. The Sunday Horse II, LLC, USDA loan number 10-019*****2611
2. Sunshine Hotel Investment, Inc., USDA loan number 09-046-263232918
3. Lancaster Energy Partners, LLC, USDA loan number 11-045-105839100
4. Beds for Less, Inc., USDA loan number 10-092-582580900

Please Note: Access to online due diligence for this offering is open to all bidders that meet the USDA’s requirements under RD 4279.29. Each potential bidder must sign a confidentiality agreement, to be supplied by GLS, in order to access the data room.

BID PROCEDURES
1. Upon signing the confidentiality agreement, potential bidders will receive a spreadsheet with basic loan information, as well as access to the data room that holds all available loan documents.
2. Potential bidders will have a period of time, outlined below, for due diligence.
3. After the due diligence period, a bid deadline has been established, also shown below.

KEY DATES

Investor Due Diligence: August 10th, 2015 to September 8th, 2015

Bid Deadline: September 9th, 2015 – 2:00 PM EST

Closing Date: TBD, subject to court approval

The Overall Receiver reserves the right to modify the bid procedures including the dates and times set for herein.

For more information regarding this sale, please contact Bob Judge at 440-829-8413 or bob.judge@glsolutions.us.

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