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The High Court dismissed a property developer’s claims against a lending bank and its assignee regarding two loans advanced to fund land purchases, finding the developer liable for repayment of over €4.8 million in principal and interest. The defendant alleged the bank was deceitful and negligent in failing to obtain genuine land valuations and misrepresented interest rates, but the court found he did not rely on any representation or assurance from the bank about valuations, and accepted he entered binding purchase agreements before applying for finance. The court also rejected the argument that the bank had assumed a contractual duty to ensure the purchases represented market value for the borrower and determined that, even if valuations were incomplete or inaccurate, there was no evidence of reliance or loss. The developer’s counterclaim was dismissed, and judgment awarded in favour of the assignee for the outstanding debt. Costs were provisionally awarded against the defendant.
commercial lending – property development – loan facility – bank valuations – negligence – deceit – breach of contract – reliance – principal and interest – assignment of debt – choses in action – counterclaim dismissal – costs – bank base rate – business lending terms
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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