CHARLESTON – A West Virginia credit union alleges Tim Trent Insurance is in default of a more than $1 million loan executed in 2017.
Pioneer West Virginia Federal Credit Union filed a complaint in Kanawha Circuit Court against Tim Trent Insurance LLC and Timothy Trent alleging breach of contract.
Tim Trent Insurance purchased a property in Charleston on Oct. 10, 2017, for $1.6 million that was financed through Pioneer. Pioneer alleges $210,000 of the purchase price was for taxes, building repairs and improvements.
The plaintiff alleges Tim Trent Insurance has failed to make all the payments on the loan under a promissory note and loan modification agreement. Pioneer alleges after its foreclosure sale of the property of $1.2 million, the defendants are now in default for $361,506.27.
Pioneer seeks monetary relief of $361,506.37, interest and all other just relief. It is represented by Travis Knobbe of Spilman Thomas & Battle PLLC in Pittsburgh, Pennsylvania.
The case has been assigned to Circuit Judge Louis Bloom.
Kanawha Circuit Court case number 20-C-45
