Orange County Choppers Foreclosure
The lender that financed Orange County Choppers’ new headquarters from the Town of Newburgh has filed a foreclosure action towards the builder of customized motorcycles, alleging that it missed its July mortgage payments.
Orange County Choppers has two mortgages through GE Commercial Finance Business Property Corp., a single for $11 million and one particular for $1.5 million.
The foreclosure action claims that the Choppers missed mortgage payments of approximately $96,400 and $14,000 due on July 1.
The Choppers stopped creating mortgage payments in order to set pressure on the financial institution to modify the terms with the loans, according to Choppers’ lawyer Richard Mahon. Mahon said that when the headquarters was created in 2007, it was valued at about $12 million. Because of the economic downturn, the developing is now value among $7 million and $8 million, he approximated.
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