Man sued over failing to pay loan allegedly used to flip houses
A St. Clair County man is accused of failing to pay back more than $130,000 he allegedly borrowed to flip houses.
Stephanie Walters filed a lawsuit May 30 against Darrell Bair in St. Clair County Circuit Court.
According to the complaint, Bair signed several agreements to borrow money from Walters beginning in October 2009. Walters says Bair's intent was to use the money to rehabilitate six homes in the St. Clair County area. With each loan, Walters claims Bair agreed to pay back the money plus interest by a specific date.
Walters alleges Bair has failed to make the payments he promised and has defaulted on all six loans totaling nearly $108,000 plus interest.
Walters accuses Bair of breach of contract and fraud. She asks for a judgement of more than $130,000 in unpaid loans and interest plus more than $50,000 in damages and court fees.
Attorney Patrick R. Foley of Belleville represents Walters.
St. Clair County Circuit Court Case No. 12-L-286