Textron files $3 million suit over loan

A subsidiary of Textron Financial Corp. has filed suit against the former owners of a West Virginia golf club, claiming it is owed $3 million on a loan. 
 
The suit alleges that James D. and James J. LaRosa defaulted on a $9 million loan made to the LaRosas for the Pete Dye Golf Club in Bridgeport, W.Va. The loan had been modified after the borrowers reportedly had defaulted on an original $7.5 million loan made in 2001.
 
Textron purchased the club in a foreclosure auction last year for $7 million, which company officials said left a balance of $2.7 million, plus interest, on the loan.
 
The LaRosas reportedly had bought the club from Golf Trust of America in 2001 for almost $16 million.  

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