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Foreclosure of Valleywood Golf Club filed
A Pennsylvania financial services company filed foreclosure action in Lucas County Common Pleas Court yesterday against Valleywood Golf Club for defaulting on nearly $2.4 million in loans.
Valleywood members were notified last week in a letter that the golf course and banquet facility near Swanton was closing because of financial insolvency. The lawsuit said the golf club owes $2,393,880 to Titan Loan Investment Fund, Fort Washington, Pa., and asks Judge Denise Ann Dartt to appoint a receiver to handle the liquidation of the "real and personal property" of the business. According to court records, the golf course borrowed the money from National City Bank in two loan transactions - $2.3 million in 2001 and $200,000 in 2002.
The loans were taken over by Titan in August.
The letter sent to members said the directors voted to close the golf club because it was unable to meet its payroll and other financial obligations.Article Source http://toledoblade.com/apps/pbcs.dll/article?AID=/20070130/BUSINESS03/701300387/-1/BUSINESS
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