First Security Bank is seeking to foreclose on a loan to a Texas trucking company that bought $3.8 million worth of property in Springdale in 2022.
The Searcy bank said in court filings that Kal Freight Inc. of Arlington, Texas, borrowed $2.5 million in August 2022.
The loan went to buy six lots that totaled 15.27 acres off of Interstate 49, just south of Wagon Wheel Road, which secured the loan. The seller was Five Point Properties LLC of Fort Smith.
The bank said in a court filing in Benton County Circuit Court that Kal Freight “is in breach of and in default” under the terms of the note.
The bank said that the last payment made was on Aug. 25, which only paid the note through the due date of Aug. 5. As a result of the alleged default, the amount due now is $1.9 million.
Kalvinder Singh, the president of the trucking company, also is named as a defendant in the case because he personally guaranteed the loan, according to the lawsuit by the Jiles Firm LLP of Conway.
Kal Freight didn’t immediately return a message from Whispers.
Founded in 2014, Kal Freight offers a full range of transportation and logistics services, according to its website.
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