Bank Keeping Local Developer From Developing?
By: Alex Flippin
Updated: July 6, 2007
Tom Terminella received loans from the Metropolitan bank to build two subdivisions. One in Benton County, the other in Washington County. However in may the bank made the decision to foreclose on those loans. Economists tells us the decision probably resulted from the areas issue with an overabundance of housing. Though neither side of the legal battle would comment on that particular point to KNWA. According to an attorney representing Terminella, several banks agreed to work with the developer by making allowances. Allowances that would let Terminella finish developing the two subdivisions, begin selling lots and, in turn, make money to repay loans given by the banks. The attorney tells us hes just waiting to receive a response from the Metropolitan National Bank before he can decide what his next step will be.
