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...
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