
A picturesque RV, camping and cabin resort on Lake Hamilton could end up in receivership in a $2.6 million loan default case filed last month in Garland County Circuit Court.
The resort, the Vista at the Lake, is one of several properties that lender Optimal Funding Solutions of Hot Springs is asking for a court-appointed receiver to oversee.
Defendants in the case include Vista at the Lake Inc. and Next Millennium Properties LLC, both led by Scott Bates.
The Dec. 17 complaint, filed by Philip B. Montgomery of the Legacy Law Group in Hot Springs, claims that Bates and his companies defaulted on loans of $280,500 and $2.375 million despite numerous extensions and loan modifications.
The suit asks the court to order foreclosure and appoint a receiver to secure and collect rent on the properties to satisfy the loans, which together are accruing interest of more than $1,250 a day, according to court filings.
As of Nov. 13, the larger loan had accrued interest of $121,072, the complaint says.
Filings in the case say that the IRS filed a lien against Bates in October for nearly $63,000 in individual income taxes owed. In March, Arkansas filed a certificate of indebtedness saying Bates owed nearly $2,000 in state income taxes.
An agreement filed with the lawsuit says that Bates has turned over control of the property to Optimal Funding Solutions.
Bates couldn’t be reached for comment, and a telephone message left at the Vista at the Lake drew no response.
No answer to the complaint had been filed by press time last week.
The resort’s website advertises “stunning views and a tranquil atmosphere,” 50 campsites with full hookups, a boat ramp and 10 lakefront cabins.