INBS urged to prioritise Michael Lynn mortgage applications

An internal memo within Irish Nationwide Building Society (INBS) asked that a mortgage application by Michael Lynn be prioritised as he was "under pressure to close", his trial has heard.

Dublin Circuit Criminal Court heard evidence on Monday of various mortgage applications Mr Lynn made to the building society between September and December 2006 for 10 residential investment properties.

The mortgage applications involved four properties with a combined loan amount of €945,000, three with a combined loan amount of just over €1 million and three with a combined loan amount of €1.4 million, the trial heard.

The properties were one-, two- and three-bed apartments in various locations including East Wall, Parnell Square, Bolton Street and Gardiner Street.

The former solicitor (53) is facing 21 charges relating to the alleged theft of about €27 million from seven financial institutions, the trial has heard.

He denies all charges against him.

Multiple mortgages

It is the prosecution case that Mr Lynn obtained multiple mortgages on the same properties in a situation where banks were unaware that other institutions were also providing finance.

Killian McMahon, an internal auditor for Irish Nationwide Building Society between 2003 and 2006, returned to the stand on Monday to go through various documents relating to the mortgage applications to INBS.

In one memo to an INBS underwriter, a building society worker said she would be grateful if the case could be “prioritised” as Mr Lynn was “under pressure to close” on the properties.

Internal documents within INBS repeatedly used the same terms to describe Mr Lynn, saying he had an excellent repayment record with the building society and was in a strong financial position, with assets valued at more than €45 million.

The trial continues on Tuesday before Judge Martin Nolan and a jury.