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Birdman Sues Lender Over $12 Million Loan He Got for Miami Home

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Birdman is suing EMG Transfer Agent for giving him a $12 million loan for his Miami mansion, and structuring the deal in a way that made it difficult for him to make his payments. It’s the same 9-bedroom, 17-bath home with 25-foot ceilings, a below ground pool, an outdoor pool, a movie theater, gym, spa, an in-house massage room, and a private dock that he sold to a third party “as is” in June after defaulting on payments.

In court documents obtained by The Blast, Birdman alleges that the company used an elaborate scheme that would mask the loan as something for “business purposes,” instead of being considered for his personal use. The money received would go back into his home in order to pay off a tax lien, and then used to pay off another loan. He claims that EMG Transfer Agent created a deal that included “toxic terms,” such as “an illegal 25 percent interest rate.”

Birdman is seeking a termination of the loan, "the return of all money or property given as earnest money or down payment," and compensation for all of the finance charges, and any unspecified damages.

This latest legal issue comes after Birdman reached a settlement in his longstanding dispute with Lil Wayne. Wayne's attorney Ron Sweeney previously confirmed that both sides came to an amicable agreement. "Per our settlement agreement, the matter has been amicably resolved to the satisfaction of all parties. In terms of the particulars, we’re prohibited legally from saying anything further. I can say that my client is happy," Sweeney said.

 

Source: www.complex.com