Friday, 22 December 2023 03:25 PM
Lawsuits
HULL, MA / ACCESSWIRE / December 22, 2023 / Nantasket Management, LLC ("Nantasket" or the "Plaintiff"), a residential real estate developing company, today announces that it filed a civil complaint against Velocity Commercial Capital, LLC, a wholly owned subsidiary of Velocity Financial Inc. , in the PLYMOUTH COUNTY SUPERIOR COURT of COMMONWEALTH OF MASSACHUSETTS (Civil Action No. 2383CV00922), with Plaintiff's causes of Breach of Contract, Promissory Estoppel, Breach of Implied Covenant of Good Faith and Fair Dealing, and Violation of M.G.L. c. 93A §11 (Persons engaged in business; actions for unfair trade practices; class actions; damages; injunction; costs) against Defendant Velocity.
Plaintiff alleges that Defendant Velocity intentionally breached contract and violated covenant of good faith and fair dealing with its client, when Velocity refused to close on its refinance at the agreed upon 6.99% interest rate, but instead attempted to foreclose on its loans without providing a notice of default.
Further, Plaintiff alleges that Velocity also violated Massachusetts General Law 93A §11 (Persons engaged in business; actions for unfair trade practices; class actions; damages; injunction; costs) when it intentionally concealed its excessive legal fees under "corporate advances" whenever its client attempted to pay off some of its loans, thus preventing another construction lender from paying it off and starting the construction project on six (6) new ocean view properties.
The Plaintiff's complaint specifically states "On December 6, 2022, at 1:06 PM EST, the Defendant sent the Plaintiff six (6) Loan Decline Letters. A copy of the Loan Decline Letter is annexed hereto as Exhibit VII. At that time, the Defendant also scheduled foreclosures on the Plaintiff's properties for December 7, 2022. The Plaintiff was not served with a Notice of Default."
Plaintiff has demanded a jury trial, so the people of Massachusetts can decide if Velocity has intentionally committed Violation of M.G.L. c. 93A §11 (actions for unfair trade practices).
View the Court documents here: https://www.masscourts.org/eservices/home.page.2.
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Nantasket Management, LLC
(425)780-2345
SOURCE: Nantasket Management, LLC
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