Bridge Capital LLC filed Wednesday a land foreclosure lawsuit before the Superior Court against former CNMI Fish & Wildlife director Sylvan O. Igisomar.
Bridge Capital, through counsel Daniel T. Guidotti, asked the court to hold the now Virginia-based Igisomar liable to pay not less than $827,568, consisting of $605,000 in principal, and $22,568 in accrued interest.
Igisomar is the fee simple owner of the lot located in Chalan Laulau.
Guidotti asked the court to allow Bridge Capital to sell the lot if Igisomar fails to pay the full amount he owes no later than 90 days after the day of judgment and, once the lot is sold, Igisomar and all persons claiming through him should be barred from further claims to the land. The lawyer said that, after the sale, the purchaser should be allowed to take immediate possession of the land.
According to Guidotti in the complaint, on Dec. 15, 2018, Bridge Capital lent $550,000 to Initiative, Intelligence, Innovations, Investment CNMI, LLC, or 4Is.
In the loan agreement, Guidotti said, 4Is promised to pay 16% interest per year on the initial $550,000 principal balance and 24% interest per year on the principal balance after an event of default.
Guidotti said in order to induce Bridge Capital to lend money, 4Is asked Concepcion O. Igisomar to provide security for the sums advanced to 4Is.
He said in exchange for $54,400 and as security for 4Is’ repayment of sums due under the promissory note, Concepcion Igisomar mortgaged her entire interest in the Chalan Laulau lot to Bridge Capital through a mortgage instrument dated Dec. 18, 2015.
Concepcion was the sole owner of the lot at the time she gave the mortgage to Bridge Capital.
Guidotti said the promissory note matured on June 18, 2016 and that 4Is did not repay sums due and as a result, defaulted under the note.
Guidotti said as a result of the late fee, the total principal balance that 4Is owed to Bridge Capital increased from $550,000 to $605,000.
He said the entire $605,000 principal balance began accruing interest at 24% on June 19, 2019.
The lawyer said that in June 2018, Bridge Capital received $322,000 from 4Is as a result of Bridge’s efforts to collect.
He said after application of the money received from 4Is in June 2018, the principal balance remained at $605,000 and the unpaid interest was $1,135.
He said 4Is made no further payments toward the balance of the note after June 2018.
As of Dec. 31, 2019, the total amount due under the note is $827,565, Guidotti said.
Guidotti said that, on May 4, 2016, Concepcion Igisomar transferred her entire interest in the mortgaged lot to Sylvan Igisomar. The lawsuit did not mention the relationship between Concepcion and Sylvan Igisomar.
At present, Guidotti said, Sylvan Igisomar is Concepcion Igisomar’s successor in interest and is the fee simple owner of the lot.
The lawyer said because Sylvan Igisomar failed to pay the entire balance due under the note, Bridge Capital is entitled to foreclose on the lot.