Promontoria seeks €18m judgment over Anglo loans

A financial fund is seeking judgment of €18 million against two businessmen over loans from the former Anglo Irish Bank provided for purposes including a housing development in Dublin.

Promontoria (Arrow) Ltd, which took over the loans, is seeking judgment against Martin Walshe, Cooldrinagh Lane, Leixlip, and Gerry McIntyre, Ladycastle, Straffan, both Co Kildare.

Promontoria is also seeking judgment against Mr McIntyre for another €2 million in relation to another loan to him from Anglo to renew an existing facility with that bank.

The case was admitted to the Commercial Court by Mr Justice Brian McGovern on consent between the parties.

Guaranteed

Promontoria said the two men had in November 2007 guaranteed a €5 million loan from Anglo to a company,

Maxbay

Ltd, for renewing existing loans. The facility was to fund 88 residential units, parking and a creche on a 1.2-acre site at Richmond Road, Fairview, Dublin, and to pay VAT in relation to that development.

Another loan for €11.9 million was advanced to the two men to renew existing facilities in January 2009, Promontoria said. The €2 million loan was also given to Mr McIntyre that same month.

The loans were transferred to National Asset Loan Management Ltd, a Nama company, in 2010 and were sold on in 2015 to Promontoria.

Last April, Promontoria sought repayment of the loans and took legal proceedings when those were not repaid.