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Lender accuses Orlando mall landlord of financial chicanery

 

 

The owners of Orlando Fashion Square Mall, in Orlando, Fla., stand accused of overstating income and claiming “extraordinary” expenses on financial documents. Lender Bancorp Bank has filed a $42 million loan default lawsuit that demands all rents from the mall be sent directly to it instead of to UP Development, according to WFTV.

 

Bancorp says mortgage payments of more than $400,000 were owed on a $42 million loan, and that the mall owners have a delinquent property tax bill of more than $900,000, which has caused a lien to be placed on the property, which is also worth less than the owners owe.

 

The lawsuit also points out that Fashion Square Mall’s owners owe more on the property than it is worth.

 

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