V.s. Investment Assoc., Llc, V. Level Capital, Llc

CourtCourt of Appeals of Washington
DecidedMay 11, 2026
Docket87441-1
StatusUnpublished

This text of V.s. Investment Assoc., Llc, V. Level Capital, Llc (V.s. Investment Assoc., Llc, V. Level Capital, Llc) is published on Counsel Stack Legal Research, covering Court of Appeals of Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
V.s. Investment Assoc., Llc, V. Level Capital, Llc, (Wash. Ct. App. 2026).

Opinion

IN THE COURT OF APPEALS OF THE STATE OF WASHINGTON

V.S INVESTMENT ASSOC, LLC; JACOB STELMAKH; and LILIIA No. 87441-1-I STELMAKH, DIVISION ONE Appellants, UNPUBLISHED OPINION v.

LEVEL CAPITAL, LLC; HACKER & WILLIG, INC., P.S.,

Respondents,

LCRE HOLDINGS I, LLC; and JOHN & JANE DOES 1-10,

Defendants.

BIRK, J. — Under CR 12(b)(6), the trial court dismissed V.S Investment

Assoc LLC’s (VS Investment) and Jacob and Liliia Stelmakhs’ (the Stelmakhs)

second amended complaint against their creditor, Level Capital LLC, for failure to

state a claim. VS Investment and the Stelmakhs (collectively VS) assert the trial

court erred in dismissing its second amended complaint. VS also argues the trial

court should have granted VS leave to amend for the third and fourth amended

complaints it filed. Lastly, VS asserts the trial court erred in overruling VS’s motion

to strike documents outside the pleadings, denying reconsideration, and awarding

attorney fees to Level. No. 87441-1-I/2

We reverse and remand the trial court’s dismissal of VS’s breach of contract

and Consumer Protection Act (CPA), ch. 19.86 RCW, claims against Level and the

order awarding attorney fees to Level Capital. Otherwise, we affirm.

I

Because we are reviewing a CR 12(b)(6) motion to dismiss for failure to

state a claim, we accept the factual allegations contained in the second amended

complaint, including attached documents, as true. Jackson v. Quality Loan Serv.

Corp., 186 Wn. App. 838, 843-44, 347 P.3d 487 (2015).

A

In 2019, Level loaned VS Investment $3.35 million to construct 10

townhomes on a plot of land in Everett, Washington. Level provides residential

construction financing services, and VS Investment has previously done business

with Level on other projects. To secure the loan, VS Investment granted a deed

of trust to Level1 to the plot to be developed.

VS Investment sought to use loan funds to pay for the necessary permits

and asked Level for disbursement. Level indicated the loan agreement did not

allow the funds to pay for permits and denied VS Investment’s request. According

to VS, Level nonetheless agreed to modify the terms of the loan and maturity date

so that VS Investment could pay for the permits, provided VS Investment pledged

additional collateral.

In 2020, VS Investment and the Stelmakhs entered an “additional collateral

agreement” with Level, wherein the Stelmakhs granted a deed of trust of their

1 Level was formerly Cyan Funding.

2 No. 87441-1-I/3

home to Level. The additional collateral agreement stated VS wanted Level to

restructure the loans, extend the maturity date, and increase the total loan

commitment. The agreement also stated the Stelmakhs would benefit “as a result

of financial accommodations” from Level to VS Investment.

On February 14, 2022, Level’s counsel, Hacker & Willig Inc. (H&W), sent a

notice of default on the loans to VS that indicated VS owed approximately $1.2

million. Level appointed H&W to serve as its trustee and assigned its beneficial

interest in the additional collateral deed of trust to the Stelmakhs’ home to LCRE

Holdings I LLC.

On December 9, 2022, H&W recorded a notice of trustee’s sale to initiate

foreclosure proceedings on the Stelmakhs’ home.

B

On December 30, 2022, the Stelmakhs filed their first complaint against

Level and LCRE. The Stelmakhs argued Level would not release more funds for

the construction project despite agreeing to disburse them and asserted four

causes of action: accounting, lack of consideration/unjust enrichment, breach of

contract, and injunctive relief to restrain any nonjudicial sale of rights relating to the

residence.

On February 10, 2023, Level and LCRE moved to dismiss the Stelmakhs’

complaint for failure to state a claim under CR 12(b)(6). Level noted the motion to

be heard on March 10, 2023.

On March 7, 2023, the Stelmakhs filed their first verified amended

complaint. The complaint listed VS Investment as a new plaintiff and added H&W

3 No. 87441-1-I/4

as a new defendant (hereinafter, the defendants are collectively referred to as

Level). VS asserted new claims against Level: breach of contract; violations of the

deeds of trust act (DTA), ch. 61.24 RCW; the Consumer Loan Act (CLA), ch. 31.04

RCW; Washington’s usury law, ch. 19.52 RCW; home ownership equity protection

act (HOEPA), 15 U.S.C. § 1602 and 12 C.F.R. § 1026; truth in lending act (TILA),

12 C.F.R. § 1026; the equal credit opportunity act (ECOA), 15 U.S.C. § 1691; and

the CPA; unjust enrichment; declaratory relief and accounting; and a temporary

restraining order and preliminary injunction under the DTA. To provide time for

settlement negotiations, Level offered to continue the hearing on its motion to

dismiss to April 7, 2023 and agreed to postpone the trustee’s sale to April 14, 2023.

This court’s record does not indicate the motion was heard at any point.

On March 27, 2023, VS filed a second verified amended complaint

repeating the same causes of action as the first amended complaint. VS did not

seek leave of court or written consent of Level in compliance with CR 15(a). The

next day, VS moved to enjoin Level from selling the Stelmakhs’ home, which the

court ultimately granted.

On May 10, 2023, VS filed a third verified amended complaint, retaining the

same causes of action as the previous two amended complaints. On May 31,

2023, VS filed a fourth verified amended complaint, asking for additional injunctive

relief under the CPA to restrain the sale of the Stelmakhs’ home. VS did not seek

leave of court or written consent of Level under CR 15(a) when filing these

amendments.

4 No. 87441-1-I/5

On August 20, 2024, VS moved for default against Level, arguing Level

failed to “file any responsive pleadings or otherwise properly defend against” VS’s

fourth verified complaint. Level objected, arguing VS had violated CR 15(a) by

filing the second, third, and fourth amended complaints without leave of court or

Level’s written consent. Level then moved anew to dismiss VS’s claims in its first

amended verified complaint, arguing the time to file an amended complaint had

closed because Level’s CR 12(b)(6) motion was a “responsive pleading.” Level

noted this hearing for October 11, 2024.

On September 26, 2024, VS moved for the court to “definitive[ly] rul[e]” the

fourth verified amended complaint was the operative complaint. On October 3,

2024, the court denied VS’s motion, finding VS did not follow CR 15 procedure and

seek leave for amended complaints one, two, three, and four.2

At the hearing on Level’s motion to dismiss VS’s first amended complaint

on October 11, 2024, the court asked the parties to clarify the procedural posture.

The court wanted the parties to address the effect of Level arguing against the

preliminary injunction “based on the second amended complaint” but failing to raise

an objection on which complaint was operative.

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