Young Thug has a thing or two to learn about predatory loans, and making sure you have a trusty accountant. The Atlanta rapper reportedly owes $2.2 million his Atlanta home, and is being sued for not paying up.
Reports the Atlanta Journal-Constitution:
A lawsuit filed by Heritage Select Homes, LLC on Wednesday claims the Atlanta-based rapper — whose real name is Jeffrey Lamar Williams — owes more than $2.2 million in house payments. The home is gated and nestled in Buckhead Heights.
Records show that Young Thug — who had six songs crack the Billboard Top 100 in 2016 — agreed to a “balloon promissory note” on the home on Sept. 19, 2016.
A promissory note with balloon payments helps document and clarify the terms of a loan that’s designed to have one or more larger payments due at the end of the repayment period.
Instead of getting a 30-year or 15-year fixed rate loan like most civilians, Young Thug was supposed to make some hefty payments, and didn’t.
Documents show that Young Thug, 25, was scheduled to pay a total of $86,500 on Oct. 19; $86,033 on Nov. 19; $150,567 on Dec. 19; and then two more payments of $14,667 in January and February.
On March 19, he was supposed to pay a sum of $2,214,667 on the home, but Young Thug failed to make that payment, according to the lawsuit filed by Atlanta-based firm Knight Johnson, LLC.
Let’s hope Young Thug recouped with his record label. Otherwise, Jeffrey’s credit is toast.
In better news, for Thugger, that case where he allegedly slapped a woman was thrown out.