Integrated Financial Associates files for bankruptcy protection
Integrated Financial Associates, a licensed hard-money lender, filed for Chapter 11 bankruptcy protection on Monday, reporting $45 million in liabilities and $8 million in assets.
Chief Executive Officer William Dyer signed the bankruptcy petition on behalf of Integrated Financial, which has offices at 3311 S. Rainbow Blvd., Suite 209. Board members and shareholders include developer Ken Templeton, former chairman of Sun West Bank, which regulators shut down in May 2010.
Integrated Financial's assets include 97 acres in Phoenix and lots in a 60-acre subdivision in Riverside County. The Phoenix land and the Riverside County lots are each valued at $3 million, less than half of the secured claims against the real estate.
Vestin Realty Mortgage, which is owed $5.2 million, is the largest unsecured creditor. Bank of America is the largest secured creditor and is owed $4.8 million.
