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 held 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. Records show the mortgage was satisfied, or paid off, less than 100 days later in November, exactly two weeks after the Nov. 8 election.
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.
Read related: Coral Gables Mayor Vince Lago wins automatic re-election with no challenge
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 zoning and land use 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 — which is easily available in public records — 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 reasonable explanation? Would he bully someone about it if he didn’t have something to hide?
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 they both own a company registered in Delaware called JRFQ Holdings that purchased a city-owned parking lot at 350 Greco Avenue for $3.5 million in 2021. 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.
Frank Quesada mortgage to Vince Lago for $616,300 by Political Cortadito on Scribd
Frank Quesada lends $3.5 mil to three Coral Gables political pals in one year added by Ladra on
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[…] Read related: Frank Quesada lends $3.5 mil to three Coral Gables political pals in one year […]
[…] Read related: Frank Quesada lends $3.5 mil to three Coral Gables political pals in one year […]
[…] to me. This is the second time that Ladra knows of that Lago does this. Last year it was when Political Cortadito was reporting on the many mortgages he had and the money he borrowed from former Commissioner Frank Quesada. L’Ego — who […]
[…] Read related: Frank Quesada lends $3.5 mil to three Coral Gables political pals in one year […]
[…] 10, 2022: SWAYPA LLC provides mortgage to Vince Lago for $616,300. SWAYPA additionally offers a 1 million mortgage to Anthony De […]
[…] 10, 2022: SWAYPA LLC provides mortgage to Vince Lago for $616,300. SWAYPA also provides a 1 million loan to Anthony De […]
[…] April, Ladra exposed his third mortgage for $616,300 held by former Coral Gables Commissioner Frank Quesada. Records show the loan was satisfied April […]
[…] April, Ladra exposed his third mortgage for $616,300 held by former Coral Gables Commissioner Frank Quesada. Records show the loan was satisfied April […]
[…] April, Ladra exposed his third mortgage for $616,300 held by former Coral Gables Commissioner Frank Quesada. Records show the loan was satisfied April […]
So even Lago can’t afford his Coral Gables home like the rest of us – big deal. The only difference is he knows people in high places that can help him financially, unlike the rest of us.
” Toto, we are not in Kansas anymore!”
We’re off to see Developers sung by the Cosa Nostra .
Follow the Special interest money
Follow the Special interest money
Follow, follow, follow, follow
Follow the Special interest money
We’re off to see the Developers
The wonderful Developers of Coral Gables
We know they give a juicy consultation check
If ever a Special interest there was
If ever, oh ever a Special interest we are there .
The Developers are the one’s because
Because, because, because, because, because
Because of the wonderful rolls of cash they give us
We’re off to see the Developers
The wonderful Developers of Coral Gables
Quesada Is a loanshark? IDK sounds more like he’s the fisherman just doing some trolling. Looks like got a nice catch so far but needs to get them on ice. Those fish smell terrible.
” Someone on this site said a few days ago that we are witnessing the cubanization of the Gables”
Lord of the Rings -: The Fellowship of the Ring.
One by one, the cities of Miami fell to the power of the Cosa Nostra .
But there were some who resisted.
A last alliance of Men / Women of all races / ethnicity / religions marched against the allies of Lago .
And on the streets of Coral Gables, they organized voted for an ethical government , what Miami was before the Cosa Nostra took over but the hearts of Men and Women are easily corrupted and even those they trusted betrayed them and fell to the spell of Lago and the rest of the Cosa Nostra.
Coral Gables had fallen no different then Hialeah , Sweet Water and Doral.
And still people vote for Vince Lago. He is the rudest bully that exists. Get him OUT! Where do all these millions come from? a $50K monthly mortgage? real estate purchases left and right in short amounts of time if these are not red flags I don’t know what is. So sick and tired of all these corrupt politicians and they still want more!
Looks like they weren’t hiding much when you were able to find on Sunbiz that the former registered agent of the LLC you describe as secretive has the name Frank Quesada in it! You’re a piece of work and need those clicks, huh?
I remember when Quesada was running for office the first time and visited my home multiple times – me tomo el pelo! Shame on me for being hoodwinked, but I learned my lesson – never vote for another shallow postalita again (Quesada, Mena, Vinnie, Bucelo).
Hey gumshoes, rumor has it that this is Raul Valdes- Fauli who’s pissed that none of the people spoken of here supported him for his run for city commissioner and instead backed Rhonda Anderson.
Toto, we are not in Kansas anymore! Since when is it ok for a past commissioner now struggling developer to make a giant third loan to the sitting Mayor, who is also in the government construction business? And what did Lago do with all that first, second, and third loan money anyway? We need the new commission to make ethics, transparency, and accountability the top priority.
CAN You Smell It ?
Makes no sense that something is illegitimate when they recorded it in the public record. Why didn’t you disclose that satisfactions of mortgages were recorded, for the Lage and Goldmeier loans?? In case you didnt know a satisfaction of mortgage means the loan was paid off. Interest paid too. Stop sensationalizing and actually report the facts- not just those that make for a juicy story- satisfactions of mortgages are readily available. Give the whole picture.
Another reason for not voting for the Lago supported candidate, Ivette O’doski. Life Wallet goes bankrupt, UM can forget about their athletic programs, most NLI deals (athletes checks) for their major stars initiates through Life Wallet.
Wow we really are becoming an innovation hub! Utilizing third mortgages to disguise possible direct bribery, very innovative indeed! Bravo Ladra for the investigative work!
Excellent investigative reporting Elaine.
Someone on this site said a few days ago that we are witnessing the cubanization of the Gables. I am sorry to agree.
Life in the fast lane.😩
Here you have it folks… I will disagree with Mr. Burr though: knowing Uncle Vinny from my days at County hall, it’s never too early to jump the gun on him. He was banking on his puppet Alex to win the Zone 5 seat, and that went out the window. He’ll surely lose the Zone 4 seat next April 25, too. So, he’s scrambling for a way out. Outstanding job by Ladra, again. You gotta hate Florida’s public records laws…
” a company registered in Delaware called JRFQ Holdings that purchased a city-owned parking lot at 350 Greco Avenue for $3.5 million in 2021.”
How is that possible? The single family house across the street from me sold for $2.5 million in 2020. How can an entire parking lot sell for so little?
The best is Lago calling someone to bully them. He does that regularly to residents that disagree with him. Time for him to go.
First of all, nice work on the research. It’s certainly interesting.
However, if friends loaning each other money was a crime, the entire upper class would be in jail. Does it look like the elements of an inside deal? Perhaps, but until a corrupt action takes place, it’s just speculative.
Kudos for digging in and shedding light on something of interest, but those making assumptions of dastardly intent may well be jumping the gun.
After viewing this article it seems becoming a politician is the best paying job in America.
Access to the mayor’s position earns more than collecting a modest salary. The wanting to serve others is what candidates like Vince Lago portray through optics like his Guliver Prep photos resembling a choir boy with neat appearance, nice suits and his hands folded like a good Catholic. The true facts are that the patrons of Coral Gables place their trust in Lagos appearance and his gift of Bull S—- gab. A politician like Mr. Lago becomes rich exploiting the hard working employees of the city while making back room deal lining his pockets with sketchy deals worth millions. This is a disservice to the Citizens of Coral Gables. It’s great that this article shows how corrupt these people have the capacity of behaving and need to be pay a price by not being re-elected ever again.
I see nothing , hear nothing , do nothing is the Miami DA’s motto.
No body expects the Miami Political Cosa Nostra .
https://www.youtube.com/watch?v=yKQ_sQKBASM
Great work ladra. It seems this golden boys world is crumbling around him. His pay to play scheme is unraveling and becoming more public.
From Public servant to public scammer
Shame on you mayor Lago.
Resign before your charged.
A couple of details…Private mortgages to primary residential are illegal under Dodd-Frank, unless there has been full underwriting by someone licensed. I doubt that happened. Second, mortgages can be forgiven once everyone forgets or moves on, then Lago pays a little tax…and baam!!, you have a kickback for setting up the greco deal…..very easy and sleazy