They claimed they were not told, before entering into their investments, of the existence of a loan-to-value covenant in bank borrowings to secure the investments.
The property in question was acquired by the fund in February 2006 but in 2010 a receiver was appointed over it and it was sold in 2011. He says he and his company suffered loss following the appointment of a receiver on foot of the breach of the loan-to-value covenant and the subsequent sale of the property while it was in negative equity.
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