Previous Story
IPI sues customer over $747K loan
Imperial Pacific International (CNMI) LLC filed yesterday a lawsuit against a Las Vegas-based customer for allegedly failing to pay $747,000 in two loans.
Imperial Pacific, through counsel Catherine J. Cachero, is suing Patrick Sun for default on loans.
Imperial Pacific asked the Superior Court to hold Sun liable to pay judgment for all amounts due under the loans, plus interest, collection costs, and attorney’s fees.
Imperial Pacific demanded a jury trial.
According to Cachero in the complaint, on May 30, 2017, Sun executed to Imperial Pacific a loan agreement and a promissory note.
Cachero said Sun borrowed $1 million from Imperial Pacific.
On June 6, 2017, Imperial Pacific approved Sun’s request to increase his loan up to $2 million.
Cachero said Imperial Pacific disbursed the amount during Sun’s trip to Saipan, which ended on June 9, 2017.
Cachero said Sun defaulted in payment of the first loan agreement and first note when he failed to pay the loans on the maturity date.
As of the date of this complaint, the lawyer said, the amount due and owing to Imperial Pacific under the first loan agreement and first note is $447,000.
Cachero said that, on June 28, 2017, Sun executed to Imperial Pacific a second loan agreement and a promissory note.
Sun borrowed $300,000 from Imperial Pacific.
Imperial Pacific disbursed to Sun the amount during his Saipan trip that ended on July 5, 2017.
Cachero said Sun defaulted in payment of the second loan agreement and second note when he failed to pay on the maturity date.
As of the date of this lawsuit, Cachero said, the amount due and owing to Imperial Pacific under the second loan agreement and second note is $300,000.
The lawyer said under the two loan agreements, the annual interest rate on each overdue loan is 24 percent per annum.
