A lender has filed a foreclosure lawsuit against a Mountain View cabin rental agency for allegedly defaulting on a $4.3 million loan.
J.T. Compton, trustee of J.T. Compton Revocable Trust, filed the lawsuit against Mountain View Pinewood Cabins LLC in Stone County Circuit Court on Oct. 14. Compton also named Colby Martin of Edmond, Oklahoma, the managing member of Mountain View, as a defendant.
Compton made the $4.3 million loan to Martin and the business on Oct. 1, 2024, according to the lawsuit.
The property is commonly known as Pinewood & Hidden Valley Cabins, the lawsuit said.
On Aug. 18, Compton’s attorney, Kael K. Bowling of the Rogers office of Friday Eldredge & Clark, sent Martin a letter saying the loan was in default due to the borrowers’ “failure to make payments when due under the Loan Documents.” The letter was attached as an exhibit in the case.
As of Aug. 13, the total amount owed on the loan is $4.5 million, which includes principal and interest, the lawsuit said.
In addition to the alleged default, after a fire damaged several of the cabins, the defendants received an insurance payout of about $290,000, the lawsuit said. Compton said in the lawsuit that he is entitled to that money, but the defendants disagree.
A message was left with Pinewood Cabins for Martin, but a call wasn’t returned.
Pinewood Cabins said on its Facebook page that it “has long been known as the premiere cabin rental destination in Mountain View.” It boasts of having “accommodations from large to small to fit most any need you may have. We are right on the Historic Court Square where you will be a short walk from all the Music, Fun & Festivities happening most anytime.”
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