Company with links to OneCap Mortgage seeks bankruptcy
A company with relationships with OneCap Mortgage, a troubled hard-money lender, has filed for bankruptcy protection, leaving investors mystified.
Nevada Ueno Mita LLC, formerly known as OneCap Partners 2 LLC, filed for Chapter 11 bankruptcy late Friday, which allows the company to continue operating while it reorganizes its finances.
The company's creditors include OneCap Holding and OneCap Mortgage and its assignees, which both have offices at 5440 W. Sahara Ave. A telephone recording said that OneCap Mortgage was closed until Monday.
Attempts to reach attorneys failed.
Industry insiders and investors say that OneCap, a $400 million-asset lender with 2,000 investors, has been in critical financial condition.
But it appears that Nevada Uneno Mita may be a borrower that received a loan or loans funded with investor money.
The principal assets of the debtor are in Laughlin, the bankruptcy filing said.
The assets are worth between $50 million and $100 million; liabilities are between $10 million and $50 million.
A year ago, the Financial Institutions Division issued a cease-and-desist order to prevent OneCap from making unsecured loans. The division said the company had no license for unsecured loans.
The Mortgage Lending Division issued a separate cease-and-desist order regarding alleged violations of the rules for hard-money lenders who use investor money to make loans secured by real estate.
Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.
