Constructions loans

  • Westpac v ZH International [2015] NSWSC 607

    22 May 2015
    A developer borrowed money from the bank to develop some apartments and granted the bank a first mortgage. Towards the end the developer sold the builder one of the units at a large discount in lieu...
  • ANZ v Fink [2015] NSWSC 506

    05 May 2015
    This case involved a businessman's dream home that went pear-shaped due to cost overruns. When the bank sought possession the borrower sought to blame the bank. Improvidence / Non-English speaking...
  • Investec Bank v Naude [2014] NSWSC 165

    20 February 2014
    The bank sued a guarantor. By way of defence, the guarantor alleged that his guarantee was induced by the bank’s misleading conduct as to future second stage development finance, the first stage was...
  • Kovarfi v BMT [2014] NSWSC 100

    13 February 2014
    Developers borrowed money to fund a development, the project over-ran and according to a valuation report would have required more money to complete than the undrawn loan moneys. The bank called in...
  • Settlement Group v Purcell Partners [2013] VSCA 370

    16 December 2013
    There were several properties being refinanced. The solicitor for the incoming lender did not obtain a payout figure for the entirety of the properties. The solicitor prepared a cheque for this...
  • Shepparton Projects v Cave Investments [2013] VSCA 152

    19 June 2013
    The loan agreement was for a substantial sum, for the purpose of a subdivision of land. When it became clear that the project was taking longer than expected to complete, the parties renegotiated....
  • Industry Funds Management v Bellspin [2011] NSWSC 41

    10 February 2011
    The lender advanced funds to develop a hotel in World Square. The loan went bad and the guarantor was sued. The guarantor lodged a defence claiming that the interest only period was two years (not...
  • Momentum Mortgages & Equity Trustees v Elmowy & Meehan [2010] NSWSC 950

    31 August 2010
    Momentum and Equity Trustees jointly loaned money for a development. The loan went into default and they sued the guarantors. The guarantors alleged that Momentum procured their signatures by...
  • Donovan Oates v Reid [2009] NSWSC 221

    31 March 2009
    This case involved a construction loan for $7,300,000. The lender took a mortgage over the development site, a guarantee from the sole director of the development company, and a mortgage over the...
  • Jones v Mecu [2006] NSWSC 51

    08 February 2006
    In this construction loan the borrower sought to draw down the whole loan and the lender sought to require all drawdowns to constitute less than 80% LVR pursuant to the standard progress payment...

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