Friends First seeks order for €1.32m
A DUBLIN businessman is being pursued for €1.32m by Friends First Finance over a loan given to him for an equity fund investment in the Marriot Hotels UK chain.
The proceedings against Derek Maguire, of Gareg Wen, Knocksinna, Foxrock, Co Dublin, were transferred to the Commercial Court yesterday by Judge Peter Kelly.
Friends First says it advanced Mr Maguire €1.5m in July 2007 under a revolving credit facility agreement involving interest repayments of €7,562 per month over 60 months on the capital sum with a balloon payment of €1.5m.
Security for the loan was provided in an irrevocable letter from 'Quinlan Private', an equity firm set up by Switzerland-based businessman Derek Quinlan which was involved in acquiring high-profile properties across the world.
It suffered serious losses as a result of the financial crisis of 2007-2010.
Mr Maguire allegedly defaulted on the payments and Friends First terminated the agreement in June 2012 and demanded the outstanding amount of €1.32m including instalment arrears.