Developer Says £4M Mansion Guarantee Was Misrepresented

Law360, London (August 15, 2019, 2:30 PM BST) -- A London mansion developer has fought back against a British bank’s suit seeking to collect a £4.1 million ($4.9 million) loan guarantee, saying he was told the obligation wouldn’t kick in unless money was owed after a sale of the property.

Konstantinos Diamantopoulous, the owner of Albert Bridge Properties Ltd., agreed in 2017 to guarantee United Trust Bank’s £13.6 million loan to the boutique developer, meaning he would be on the hook for £4 million if the company defaulted, according to the lender's High Court suit.

In his defense filed Tuesday, the developer acknowledged that the bank asked Albert Bridge Properties...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Related Sections