Mayor Vince Lago, Brian Goldmeier, Anthony De Yurre all have loans
He may have left City Hall, but former Coral Gables Commissioner Frank Quesada is still very involved in local politics. His money is, anyway.
Quesada apparently holds the third mortgage to Mayor Vince Lago‘s home. The $616,300 mortgage was signed August 10th last year and the final payment is due August 9th of this year, according to documents filed with the Miami-Dade County Clerk of Courts.
Wait, a third mortgage? And right after Lago got a modification for an additional $200,000 on his second mortgage? Why is he over leveraged?
But wait. There’s more. Quesada also holds a $1.9 million mortgage for Lago’s fundraising guru Brian Goldmeier‘s home. That was signed about a week later on Aug. 19, 2022, the same day Goldmeier purchased his 3-bedroom, 2-bath $2.2 million house on Aledo Avenue.
And, drum roll, Quesada also holds a $1 million mortgage for lobbyist Anthony De Yurre, who represents developer Allen Morris and advocated for the controversial Ponce Park Residences. It was signed last month, on March 17. Three days later, according to county property records, De Yurre bought his $2.8 million Pinecrest home.
None of the documents say what percentage interest these people are paying Quesada, so Ladra can’t say he’s a loanshark ala Hialeah’s former mayor, Carlos Hernandez. But it sure is interesting.
First of all, homeowners don’t typically get mortgages from private individuals. Bank lenders offer better rates and the added security of working with a well-established, insured, regulated source. Loans from private lenders are often quicker and easier to get and, usually, a last resort for someone who is seeking legitimate funding and can’t get it from the banks.
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Maybe Lago couldn’t get a third mortgage from a bank because of something called priority: They can’t force the sale to get their investment back unless the borrower breaches the first mortgage. Nobody likes giving third mortgages.
Secondly, these look like bridge loans, or loans given for short periods of time to “bridge” a gap in income/revenue — or to wait out a windfall. Lago, for instance, was to pay 1/12th of the loan each month, according to the county clerk documents. That’s a $51,358 monthly payment. In addition to his first and second mortgage payments.
But what’s time between old friends? Certainly, Frank didn’t hold him to that. The mayor just has to have the $616,300 by August.
How does he know he will?
Then look at the players: Lago, the small town mayor looking at a countywide run (more on that later). Goldmeier, the tree shaker who is making money hands over fist on Lago and a bunch of county commissioners and whose family has been in real estate for years. And De Yurre, the lobbyist. De Yurre’s loan is due in June. That’s three months later. Maybe he hasn’t sold his old home yet?
We don’t have the answers to these questions because none of these people called Ladra back. Goldmeier did not return several phone calls and emails. De Yurre told Ladra he was in a meeting when he picked up his office phone and that he would call her back. He didn’t. A message was left with Quesada’s assistant at MSP Recovery. He never called back either.
Mayor Lago did not call back after several voice mail and text messages over the course of several days. After Ladra explained what it was about, he called a constituent on Thursday that he suspected of giving Political Cortadito the information and browbeat him and bullied him, like he does these days.
But he still didn’t call Ladra back. Wouldn’t he call if there’s a legitimate explanation?
Read related: Coral Gables Mayor Vince Lago may have conflict of interest in Little Gables
Finally, there’s Quesada. He is business partners with John Ruiz and own a company registered in Delaware called JRFQ Holdings that purchased a city-owned parking lot at 350 Greco Avenue for $3.5 million. So, at the very least, the lender might need the mayor to help him develop what he wants there.
Quesada is also partners with Ruiz in LifeWallet, aka MSP Recovery, a Medicare and Medicaid recovery firm that is about to go bankrupt with stock that has gone from $12 to less than 87 cents in three months and could be delisted by NASDAQ any day now. They are late in submitting their annual report. Ruiz reported his net worth rose to over $20 million (on paper) last year, and everyone says Quesada has money. But their company is apparently not performing as it should.
Are these monies he loaned Lago, Goldmeier and de Yurre from LifeWallet? Or was it a loan to buy LifeWallet stock? Or is Quesada protecting his own funds from an upcoming bankruptcy?
Maybe that’s why the mortgages are actually held by a company called Swaypa LLC, which Quesada has done his best to separate himself from. The company is managed by someone named Martha de la Rosa, according to Florida Division of Corporations records. An attorney named G. Frank Quesada was the first registered agent. And, to seal the deal, Swaypa happens to own the house on Old Cutler that Quesada and his wife, Ana de la Rosa, live in.
It is where his voter’s registration has him living.
Also, these are the only mortgages that Swaypa holds. It has its own mortgage from 2018 with Marquis Bank for Quesada’s own home. He also claims a homestead exemption, so that means the company leases the property to him for a 98-year deal or something like that. It’s a loophole that LLCs use to get homestead exemptions.
The point is, Swaypa has not lent any money to anyone unconnected to Coral Gables politics.
Ladra called several respected attorneys and finance professionals who say this sounds like some kind of real estate deal. The words scheme and payoff were used as well.
What it doesn’t sound is legitimate.
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