Independent Mortgage Brokers, Inc. v. West Esplanade Corp.

BEER, Judge.

This appeal results from judgment enforcing a note issued to plaintiff covering brokerage fee allegedly earned by its having secured a loan commitment in defendant’s behalf. Subsequent to delivery of the note, thirty-seven requirements for closing the loan were imposed by the committed lender but never met by defendant, who contends that there was an absence or failure of consideration for the note since the loan was never closed. Alternatively, appellant contends that there was a promise to pay the note from a specific fund (the mortgage loan proceeds) which never came into…