Developer in Tampa sues SunTrust

Donald E. Phillips the managing Director of Phillips Development and Realty LLC promised to fight the financial institutions that were unwilling to extend mortgages or fund development loans as agreed upon in relation to current projects the development company is involved in.

First Horizon Bank has attempted to foreclose a loan that is secured by his upscale Bayshore office and Phillips accuses SunTrust Bank Inc. Phillip has accused the company of predatory lending practices as they refuse to reissue an over eight million dollars in mortgages secured by a proposed multifamily development. The developments are located in Tampa and North Carolina.

Suntrust Bank Inc based in Atlanta made the loans with Phillips Development and Realty LLC back in March of 2008 and is now refusing to renew the loans even though company has made all required interest payments according to federal court documents.

Suntrust Bank Inc has also refused to extend any additional loans to the firm which it had agreed to do previously this is despite the four billion nine million dollars in funds the Trouble Asset Relief Program as contributed.