Opinion
The court is hearing Lynn has taken out three mortgages on the Howth property.
A former branch manager has stated that the branch manager wouldn’t “absolutely not” have recommended granting a EUR4 million home loan to lawyer Michael Lynn for a house in Howth if he believed there was a second mortgage on that same house.
Mark Mulcahy, the former branch manager of the Irish Nationwide Building Society in Dun Laoghaire, Co Dublin, was present in Mr. Lynn’s trial over the theft of nearly EUR30 million.
Mr. Lynn had pleaded for the theft of 21 items committed against seven financial institutions between 2006 and 2007 when he applied for multiple mortgages for the same properties.
Mr. Mulcahy advised the headquarters of the building society that the building society’s office should approve Lynn and his spouse Brid Murphy’s request for a mortgage amounting to less than EUR4 million to purchase Glenlion House in Howth for EUR5.5 million should be granted.
He stated that he told Dublin Circuit Criminal Court he was aware that the mortgage was to allow the couple to buy the property as their residence and thought that, so the information he could gather, it was the sole mortgage for the property.
Mr. Mulcahy stated that branch managers couldn’t authorize the loan, and all documents had to be delivered to the headquarters to be approved.
A note sent to the headquarters by the branch is described as a “ringing endorsement” of Mr. Lynn’s application.
It stated that he had perfect repayment records for the previous loans, which showed he’d realized a profit of nearly EUR1 million in the prior year and had assets worth over EUR45 million.
It was fully endorsed for the grant for the mortgage.
Mr. Mulcahy stated that he’d “absolutely not” have made this suggestion if he believed there was a different mortgage for the identical property.
The prosecution argues that Mr. Lynn obtained three mortgages against Glenlion House, totaling more than EUR11 million.
Mr. Mulcahy stated that Mr. Lynn presented him through a brokerage who described him as a “young progressive solicitor” who had established his firm and could be a suitable person to get to know.
He stated that he began a business partnership in the early 2000s and dealt with his first mortgage application for buy-to-let homes.
Mr. Mulcahy stated that Mr. Lynn began small and had paid off sure of these mortgages. However, in 2006/2007, he said that he’d not seen him in several years since Mr. Lynn had grown out of his capabilities and had begun “doing bigger things.”
He claimed he had a conversation with Mr. Lynn in the year 2006. He informed him that he was considering buying Glenlion House as a family home. He asked him what Ratio of Loan to Value the bank would be willing to lend on behalf of it. After a thorough investigation of his findings, he advised Mr. Lynn that the highest LTV that the society would accept was 75%.
Mr. Mulcahy acknowledged that when evaluating a mortgage application, the building society will look for a statement of accounts that outlines liabilities and assets and proof that the person’s tax affairs were in order, as well as verified accounts to prove evidence of income.
In the interview, Underwriter Olivia Greene gave evidence of handling mortgage applications at the headquarters of INBS.
She stated that among the aspects considered in evaluating an application are the applicant’s income, the amount of salary earned, their employment status history, repayment history, and the amount of risk a person was exposed to other banks.
If a loan amount was more tremendous than EUR500,000, the judge said she needed permission from either the house loan manager Brian Fitzgibbon or the director in charge, Michael Fingleton. The court heard that Michael Fingleton approved the request.
She explained that about her was concerned, as did the building society. Mr. Lynn was able to get a mortgage from Irish Nationwide on each investment property they gave him money to purchase. These properties were noted in the documentation submitted with the mortgage application.
Ms. Greene claimed that getting a verified statement of the borrower’s affairs was crucial because if an accountant endorsed it, she could be confident to be “the truth.”
She also informed the court that she wouldn’t have made the loan to Mr. Lynn to purchase his Howth home if there weren’t other mortgages for the property.
Also, the judge heard arguments regarding two mortgages under Mr. Lynn’s name on the same home.
A bank employee from Bank of Scotland Ireland gave evidence that Mr. Lynn had a conversation with the banker in December of 2006 about the possibility of obtaining a mortgage to purchase Glenlion House.
Mr. Lynn was looking for the loan amount of EUR3.85m at the Bank of Scotland, Ireland, with whom he had loans for the property of less than EUR10m.
Andrew Snow said Mr. Lynn was recommended to the bank’s commercial division.
The court heard that Mr. Lynn presented documents to support the mortgage application that showed that his assets were EUR39m, including houses in Portugal in Portugal and Hungary.
His wife worked as employed as a nurse at St Vincent’s Hospital but was on a break from her job to take care of her ill father.
The bank was willing to loan this money subject to several terms, including having the sole and first legal charge over the house.
Mr. Snow acknowledged that the money could not have been loaned if a second charge was for the home. The court heard that it was a requirement in the loan that any account of a second kind on the property was not permitted without the institution’s consent.
Another requirement to the mortgage’s terms was that a lawyer, not Mr. Lynn himself, was required to be chosen to handle the deal.
The court heard that letters purported that solicitor Fiona McAleenan signed were submitted to the bank, stating she was acting on behalf of Mr. Lynn in the transaction and committing to confirm the charge of the bank over the property.
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