Lloyd Maynard was successful after an 8-day remote trial acting for Credit Capital Corporation Ltd and Market Financial Solutions Ltd in claims for more than £1m arising from an unpaid bridging loan in 2017. Lloyd persuaded Freedman J to dismiss the Defendant’s counterclaims that the credit relationship was unfair because Credit Capital and Market Financial Solutions had encouraged the Defendant to sell one of his secured properties to a third party connected to Credit Capital.
Amongst other matters, the decision emphasises that whilst borrowers in default under bridging loans may feel under pressure to repay their debts, bridging lenders may legitimately remind borrowers of their powers to appoint LPA Receivers or take other enforcement action without such conduct rendering the relationship an unfair one.
The result brought an end to 3 years of litigation in the Queen’s Bench Division, which had been pursued diligently by Chris WrightBrecher LLP thanks to Chris for the hard work that made the result possible.
The judgment in Credit Capital Corporation Ltd v Mr Watson, Market Financial Solutions Ltd [2021] EWHC 466 (QB) may be found on Bailii: https://lnkd.in/dbmfY6h)
