Read the full judgment text of HCMP 1228/2015 on BabelCite. This High Court CFI judgment was delivered on 3 December 2015.
1. In late August 2013, the appellant (defendant) obtained a mortgage loan in the sum of $1,500,000. Repayments were of interest on the loan at a rate of 9.5 % payable monthly, with the principal repayable after 12 months. It was secured by way of a legal charge on the property. It goes almost without saying that the rate of interest was extremely high, well above that usually charged by more conventional financial institutions providing mortgage loans.