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Lloyds sues property investors for £4m

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Lloyds Bank is suing property investors West Ten Properties (UK) for £4.3m over unpaid debt, according to papers filed at the High Court.

Lloyds signed two loan facility deals with West Ten in January 2009, according to court papers filed in early August and recently made public.

The first was for a maximum of £500,000, and the second was for no more than £4m.

West Ten used £280,000 from the first facility and the full £4m from the second.

The firm was supposed to repay the cash in February 2010, but failed to do so.

Lloyds says it wants West Ten to repay both the outstanding amounts, plus interest.

A Lloyds spokesman says: “As the matter is subject to ongoing legal proceedings it would inappropriate to comment.”

West Ten has been approached for comment.

The case is ongoing.

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