Two property developers did not oppose a bank’s application today for orders for judgment against them in a total sum of more than €4.3 million arising from unpaid loans.
Tne man was ordered to repay €2.89 million while the other had judgment entered against him for €1.44 million.
The consent to judgment in the amounts sought reflects an increasing trend in the responses by defendants to almost daily applications brought before the Commercial Court by banks and financial institutions arising from default on substantial loans,
most relating to building and commercial developments.
Mr Justice Peter Kelly granted an applicaiton by Rossa Fanning, for Bank of Ireland, for summary judgment in an amount of €2.89 million against Stephen Harris, Chapel Wood, Stradbally, Co Galway, and for €1.45 million against Bernard Mckeon, Stradbally, Clarinbridge, plus interest and costs.
The judgment orders related to two separate loans. The first loan for €1.455 million was granted in 2004 to both men for the financing of a development of 14 two-bed apartments at Ballymote Road, Tubbercurry, Co Sligo.
The second loan of € 1.44 million was made to Mr Harris personally in November 2007 for the purchase of an investment property at Maree Road, Oranmore, Co Galway.
Counsel for both men said they were consenting to judgment and not advancing any defence.