Investors seek to redeem €832k loan on lands Nama has put on the market

A group of investors are to ask the High Court for an order allowing them to redeem their €832,000 loan on lands in Co Tipperary, over which Nama has appointed areceiver.

The investors’ — Joseph Hynes from Gortmore, Rosscahill, Galway, Sean Hynes of Forenaughts, Naas, Co Kildare, and Eugene Hyland, Castletroy, Co Limerick — claim that NAMA’s appointment of a receiver to sites at The Island in Clonmel, in March 2011, has blocked and frustrated their attempts to pay off the mortgages on the properties.

In proceedings against NAMA, IBRC (formerly Anglo), and receiver Eoin Ryan, Mr Justice Feeney yesterday granted the investors permission, on an ex-parte (one side only) basis, to apply next Monday for an order seeking a declaration that they have a right to redeem the mortgages.