Details of Delinquent Dennis Smiley Loans

by George Waldon  on Monday, Aug. 11, 2014 12:00 am  

Though Signature Bank has yet to lay claim to any of Dennis Smiley’s Arvest money, it has filed a collateral claim on Smiley’s 20 percent stake in HDS Holdings LLC tied to an unspecified September 2009 loan. His fractional HDS holding represents a 2.8 percent share of NWA Holdings LLC, which owns The Shoppes at Har-Ber Lakes in Springdale above.

Ten banks that loaned money to Dennis H. Smiley Jr. included details about their claims in court filings. Total outstanding on the 20 loans is nearly $2 million.

Bank of Fayetteville

1) Made a one-year loan of $50,000 to HDS Holdings LLC, led by Dennis Smiley Jr., on May 9, 2007

Grew to $250,000; $152,507 owed when the loan was called April 1

Purpose: Refinance two BOF loans and provide additional financing for HDS

2) Made a one-year loan of $38,500 to Smiley on July 30, 2009

Grew to $264,847 and term extended to three years; $263,869 owed when the loan was called March 19

Purpose: Refinance two BOF loans and provide working capital to Cynthia Smiley's design business and capital calls on Har-Ber Meadows

3) Made a two-year loan of $37,500 to HDS on Aug. 15, 2012

Grew to $75,000; $62,503 owed when the loan was called April 1

Purpose: Fund a new tenant build-out and cash reserves for the LLC

4) Made a three-month loan of $50,000 to Dennis Smiley Sr.* on March 29, 2013

Loan was called March 31 with $42,005 owed

Purpose: Cover unspecified commercial real estate closing

Total owed on four loans: $520,884

Simmons First National Bank, Pine Bluff

1) Made a nine-month unsecured loan of $85,000 to HDS on May 15, 2008

Owed $56,289 after loan default occurred on April 4

Purpose: Increase line for working capital

2) Made an 18-month unsecured loan of $30,075 to HDS on May 2, 2013

Owed $29,684 after loan default occurred on March 2

Purpose: Extension of existing note

Total owed on two loans: $85,973 

First Western Bank, Booneville

1) Made a one-year loan of $125,000 to HDS on Feb. 3, 2011

2) Made a three-year loan of $85,983 to HDS on Nov. 25, 2013

Owed $196,359 on both loans as of May 9

First State Bank, Lonoke

1) Made a five-year loan of $65,000 to Dennis and Cynthia Smiley and their Design For The Home LLC on Dec. 2, 2011

Owed $40,450 as of March 17

Purpose: Pay off an FSB loan, pay down another and provide additional funds for business operations

2) Made a three-year loan of $76,000 to Dennis Smiley Jr. on April 3, 2012

Owed $38,336 as of March 17

Purpose: Pay off another FSB loan and moving expenses

3) Made a two-year loan of $87,379 to the Smileys and DFTH on Oct. 1, 2012

Owed $80,298 as of March 17

Purpose: Reconfigure debt and remodel home purchased for resale

Total owed on three loans: $159,084

Integrity First Bank, Mountain Home

1) Made a six-year loan of $150,000 to Dennis Smiley Jr. on July 13, 2012

Owed $159,781 by Dennis and Cynthia Smiley and their Design For The Home LLC as of April 21

Purpose: Pay off two other Integrity loans and for home improvements

First State Bank, Russellville

1) Made a one-year loan of $150,000 to Design For The Home LLC on Sept. 21, 2012

Owed $145,965 as of April 1

Purpose: Line of credit to be used for investment purposes of the business

First Federal Bank, Harrison

2) Made a one-year loan of $50,000 to HDS Holdings on April 10, 2013

Owed $50,174 as of April 14

Purpose: Investments in NWA Holdings LLC (Har-Ber development) and other business interests

3) Made a six-month loan of $25,000 to HDS on May 31, 2013

Owed $20,736 as of March 31

Purpose: Future investments in the development of a real estate project

Total owed on two loans: $70,910

First National Bank, Fort Smith

1) Made a loan of $50,000 to HDS on July 5, 2013

Owed $50,640 as of March 31

Purpose: Refinance another FNB loan

2) Owed $145,443 as of March 31

Purpose: Pay off another FNB loan and business expenses

Total owed on two loans: $196,083

First Bank, Hampton

1) Made a one-year loan of $130,000 to Dennis Smiley Jr. on Oct. 9, 2013

Owed $130,000 as of March 10

Purpose: Funding capital contributions for Har-Ber retail development

2) Made a three-year loan of $50,000 to Smiley on Oct. 31, 2013.

Owed $48,797 as of March 8

Purpose: Purchasing unidentified stock

Total owed on two loans: $178,797

Delta Trust & Bank, Little Rock

1) Made a three-year loan of $245,126 to HDS, Dennis Smiley Jr. and Dennis Smiley Sr.* on Feb. 20, 2014

First payment of $2,638 missed on March 20 triggering default

*Dennis Smiley Sr. has denied borrowing this money.

Source: Benton County Circuit Court filings

 

 

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