Haight Prevails in $2.8 Million Commercial Loan Breach of Contract Case

A loan in the amount of $3,000,000 was made to 2 members of an LLC so they could acquire an interest in a commercial leasehold. Both members of the LLC were to execute personal guarantees. After several years of paying on the loan, the LLC went into default and as a result, the note was accelerated and a claim was made against the guarantors. One refused the obligation and a suit was instituted against him. During litigation it was determined the original signed guaranty was misplaced. The defendant then tried to avoid his obligation on the loan claiming he never signed a guaranty. Interest due along with mitigation efforts by the Trust increased the loss to $2,784,100.66. After a 7 day jury trial, the jury returned a verdict for our client, the plaintiff, and awarded attorney’s fees.