THE Commercial Court yesterday granted a summary judgment order for €4.3 million against a businessman over his failure to repay five separate loans from ACC Bank for the purchase of properties in Dublin.
James Jordan, described in court as an experienced property developer, had not put forward an arguable defence to the bank’s claim for judgment, Mr Justice Peter Kelly ruled.
Mr Jordan, of Laochfail, Outfarm Lane, Castleknock, Dublin, claimed the bank was fully aware the biggest loan of €2.87m was “purely speculative” whereby he intended to exploit a 1.7 acre piece of land surrounding his five-bed detached home on which other “substantial” houses were to be built and sold.
He said the bank always knew this was the only way the loans could ever be paid back, a claim rejected by ACC.
In May, 2004, ACC gave Mr Jordan a loan of €2.87m to buy his home at Outfarm Lane along with an additional loan of €200,000 to refinance a commercial property in Coolmine Industrial Estate in Blanchardstown.
In June that year, the bank gave him a third loan of €305,000 to refinance another residential investment property at Luttrellstown Walk in Castleknock and to buy another site at Outfarm Lane.
In July 2004, the bank gave him two more loans: one for €300,000 to finance the purchase of an investment property at Eden Court, Dunshaughlin, Co Meath; another for €505,000 to finance the purchase of two commercial properties at Base Park, Mulhuddart, and to refinance an investment property at Charlemont Place in Dublin 2.
The bank said repayments on all loans were missed or made on an intermittent basis and Mr Jordan fell into arrears. On August 25 last, the bank demanded repayment of €4.3m together with interest.
Yesterday, Mr Justice Kelly granted the bank summary judgment for €4.34m, along with costs, against Mr Jordan.
The judge said while the threshold for having an arguable defence to a claim for summary judgment was quite low, it was nevertheless a threshold which Mr Jordan had not met.
The bank was therefore entitled to summary judgement for €4,347,174.40.
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