Bridging Loans Ltd v Kevin J Toombs (CA) 14/2/17

A finance company advanced a bridging loan based on the valuation of a property by the defendant valuer which was to secure the loan. The judge granted summary judgment on the basis that the claim was time barred having compared the difference between the amount of money lent plus interest and the value of the rights acquired, namely the value of the borrower’s covenant to repay and the true value of the property. On that basis damages had been sustained when the borrower had failed to pay in May 2007.