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FORREST CREEK ASSOC. v. McLEAN SAV. & LOAN ASS'N

Nos. 86-1219(L), 86-1233, 86-1234 and 87-1038.

831 F.2d 1238 (1987)

FORREST CREEK ASSOCIATES, LTD.; Stephen S. Purdue, Plaintiff-Appellee, v. McLEAN SAVINGS AND LOAN ASSOCIATION; McLean Financial Corporation, Defendant-Appellant, and Frank M. Howard, Defendant. FORREST CREEK ASSOCIATES, LTD.; Stephen S. Purdue, Plaintiff-Appellant, v. McLEAN SAVINGS AND LOAN ASSOCIATION; McLean Financial Corporation; Frank M. Howard, Defendant-Appellee. FORREST CREEK ASSOCIATES, LTD.; Stephen S. Purdue, Plaintiff-Appellee, v. McLEAN SAVINGS AND LOAN ASSOCIATION; McLean Financial Corporation; Frank M. Howard, Defendant-Appellant (Two Cases).

United States Court of Appeals, Fourth Circuit.

Decided October 28, 1987.

Attorney(s) appearing for the Case

John E. Harrison, McLean, Va., and Harvey B. Cohen, Arlington, Va., for MSL et al.

William G. Schaffer, Alexandria, Va., for Forrest Creek et al.

Before WINTER, Chief Judge, CHAPMAN, Circuit Judge, and WISDOM, United States Senior Circuit Judge for the Fifth Circuit, sitting by designation.

WISDOM, Senior Circuit Judge:

The essence of this case is a dispute over a loan commitment contract to provide financing for a real estate transaction. The plaintiffs1 approached the defendants2 for a loan to finance the conversion of an apartment complex to a condominium. The plaintiffs paid a large standby fee to reserve money they were never able to borrow. The plaintiffs believe that the fee should be returned...

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