In 2004, Joshi, Patel’s and Sonawala signed a promissory note for $2.73 million secured by the deed of trust on real property, Quality Inn with a physical address 4975 S. Valley View.  The partners personally guaranteed the loan to acquire Quality Inn.   They also acquired another loan totaling $2.3 million for the Quality Inn located at 910 E. Cheyenne.  Both Quality Inns were sold in an auction totaling $3 million leaving with a substantial deficit on the loan. 

 

Defendants Joshi, Patel’s and Sonawala have failed and refused to pay approximate principal amount of over $3.8 million plus interest and charges.  In November 2008, defendants ceased making payments.  The proceeds from auction did not satisfy defendant’s indebtedness to Bank of Las Vegas.