Florida LLC Sued Over $600,000 Yacht Loan Default, M/Y MORE BETTER Faces Arrest in Federal Court
M&M Private Lending Group, LLC has filed a federal admiralty lawsuit in the Southern District of Florida against PG11, LLC, its sole managing member Wade C. Timmerson, and the 2023 Cruisers Yachts 42 GLS vessel M/Y More Better. The suit, filed under Case No. 1:25-cv-25155-KMW, seeks foreclosure of a preferred ship mortgage, repossession, and judicial sale of the vessel following alleged defaults on a $600,000 marine loan.
Plaintiff Alleges Yacht Loan Default After Missed Payments on 2023 Cruisers Yachts 42 GLS
According to the complaint, PG11, LLC borrowed $600,000 from M&M on February 24, 2024, to finance the purchase of the M/Y More Better, a 42-foot luxury motor yacht bearing hull identification number CRSBG159A323. The loan was secured by a First Preferred Ship Mortgage and personally guaranteed by Wade Timmerson. The note carried an interest rate of 16.5%, with monthly payments of $14,750.71 due through maturity on February 1, 2027.
M&M alleges that the borrower defaulted on payments beginning in the spring of 2025, with the last payment applied toward March 2025. A notice of default and acceleration was sent on July 28, 2025, demanding full repayment of the outstanding balance and notifying defendants that the vessel had been repossessed.
Lawsuit Seeks Foreclosure, Sale of Vessel, and Over $500,000 in Principal and Accrued Interest
At the time of the complaint, M&M claims the outstanding principal balance was $516,351.86. The lender seeks to recover that amount, plus late charges, repossession expenses, vessel preservation costs, and default interest accruing at 24.99%. The complaint also seeks attorneys’ fees and court costs under the terms of the loan documents.
M&M alleges it has incurred ongoing expenses related to custody, storage, and maintenance of the vessel, which it is entitled to recover. In addition to the in rem claim against the M/Y More Better, the lender seeks in personam judgments against both PG11, LLC and Timmerson as guarantor.
Vessel May Be Sold at Judicial Auction if Loan Not Redeemed, Per Federal Admiralty Law
The lender is requesting that the court issue an order authorizing the arrest and judicial sale of the M/Y More Better to satisfy the loan debt. Under 46 U.S.C. § 31325 and Rule 9(h) of the Federal Rules of Civil Procedure, a ship mortgagee can pursue both in rem foreclosure against the vessel and in personam action against the borrower and guarantor.
In the July 2025 demand letter attached to the complaint, M&M warned that interest was accruing at over $400 per day and that failure to redeem the vessel by August 9, 2025, would result in a private sale. The company reserved its right to pursue a deficiency judgment if the sale proceeds did not satisfy the full debt.
Borrower Allegedly Failed to Cure Default Despite Opportunity to Redeem Vessel and Resume Payments
Despite notice and an opportunity to redeem the vessel, the borrower allegedly failed to cure the default or enter into any new repayment agreement. M&M now seeks a court order declaring the mortgage a valid and subsisting lien, barring all other claims against the vessel, and authorizing its sale to recover outstanding amounts due.
The lender is also seeking a credit bid right at the auction, allowing it to offset the judgment amount against the sale price without requiring cash.
Contact a Florida Vessel Loan Attorney if You Are Facing Yacht Foreclosure or Default Proceedings
Yacht loan disputes, vessel repossessions, and ship mortgage foreclosures require prompt legal action and a strong understanding of federal maritime law. If you are facing a vessel seizure, deficiency claim, or enforcement of a preferred ship mortgage, our experienced admiralty attorneys are available to protect your rights and explore your options.
Contact us now to speak with a Florida maritime vessel foreclosure attorney.
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M&M Private Lending sues Florida borrower and seeks foreclosure of 2023 Cruisers Yachts M/Y More Better after $600K loan default and missed payments.
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yacht mortgage foreclosure Florida, vessel loan default lawsuit, ship mortgage arrest More Better, preferred ship mortgage complaint, marine loan repossession, Wade Timmerson yacht lawsuit, Southern District of Florida admiralty case
Disclaimer: Our firm does not represent the plaintiff in this case and is not involved in the litigation. The information provided is a summary of allegations based on publicly available court filings. We make no representations about the truth of these allegations, are not commenting on the merits of the case, and are not predicting any outcome.
