Charming, spacious, centrally located former dens of predatory lending for sale or lease in Kansas City
In every crisis is an opportunity, goes the old saying. Kansas City’s once-mighty online-lending operations are familiar with the idea. Many offered short-term loans to people in financial crisis, then charged them exorbitant interest rates and hidden fees to trap the borrowers in a cycle of debt. They got very rich doing this. Now most have been shut down or sued by the federal government. Their entire industry is in crisis.
It presents an opportunity for those looking to buy or lease the places where they once did business.
For instance, it’s been a rough 18 months for LTS Management, headquartered at 908 Baltimore, in downtown Kansas City. First, the government choked off its business lifeline. Now its owners, Del Kimball and Sam Furseth, are being sued by business partners and investors. A company called eData Solutions is suing entities that Kimball and Furseth controlled for $11 million in Johnson County court. Other investors have consolidated their complaints against Furseth and Kimball in Jackson County court; their demands total more than $45 million in promissory notes and guarantees.
Time to sell off some assets. For $5,075,000, 908 Baltimore can be yours.
From commercial realty site Loopnet:
“Built in 1945, this three story, 30,000 SF building is located on the southwest corner of 9th and Baltimore. It is completely renovated and located in the central business district. This building has great parking. Creative work stations are in place and can be negotiated into a deal. There is also an option of subdividing the space to 10,000 SF per floor. For Lease or For Sale.”
Not looking to buy right now? Buyers interested in leasing a former location inhabited by accused usurious lenders might be interested in this Waldo location, once home to Richard Moseley’s Hydra Group, which the Consumer Financial Protection Bureau has charged with bilking consumers out of millions.
Over in Kansas, Tim Coppinger’s former office, at 6700 Squibb — raided and shut down last month by the Federal Trade Commission — is also on the market.
