Lender Gets Early Win In Property Developer's Interest Fight

Law360, London (July 31, 2019, 7:18 PM BST) -- A property developer has to significantly pare down his £5 million ($6.11 million) claim against mortgage broker Butterfield Private Bank over disputed loan terms after a London judge ruled multiple parts of the suit had no prospect of success.

Judge Milwyn Jarman has ordered Richard Moore to redraft his claim, which argued he and Butterfield had a "mutual agreement" that an £8 million loan he took out with the bank in 2012 was repayable on demand and there would be no default interest added to the debt.

The lender, which is registered as Butterfield Mortgages Ltd., argued it was entitled to...

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