ForeclosuresLender LiabilityBorrower’s Claims for Breach of Contract, Negligent Misrepresentation and Fraudulent Inducement Based on Lender’s Alleged Oral Agreement to Permit Borrower to Purchase Its Loan DismissedPartial Performance Exception to Statute of Frauds Must Be Unequivocally Referable to Alleged Agreement
An owner of two real properties had obtained $23.5 million in financing to develop the properties into residential apartment complexes. The owner alleged that the entire development cost was projected to be $90 million and that the $23.5 million was only a partial construction loan to cover demolition and early stage construction costs.
