Dalin Funding v. Gardiner, A.

CourtSuperior Court of Pennsylvania
DecidedMay 19, 2025
Docket445 EDA 2024
StatusUnpublished

This text of Dalin Funding v. Gardiner, A. (Dalin Funding v. Gardiner, A.) is published on Counsel Stack Legal Research, covering Superior Court of Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Dalin Funding v. Gardiner, A., (Pa. Ct. App. 2025).

Opinion

J-A03001-25

J-A03004-25

NON-PRECEDENTIAL DECISION - SEE SUPERIOR COURT O.P. 65.37

DALIN FUNDING, LP : IN THE SUPERIOR COURT OF : PENNSYLVANIA : v. : : : ANTOINE GARDINER : : Appellant : No. 445 EDA 2024

Appeal from the Order Entered January 5, 2024 In the Court of Common Pleas of Philadelphia County Civil Division at No: 211001740

DALIN FUNDING, LP : IN THE SUPERIOR COURT OF : PENNSYLVANIA : v. : : : ANTOINE GARDINER : : Appellant : No. 1591 EDA 2024

Appeal from the Order Entered May 7, 2024 In the Court of Common Pleas of Philadelphia County Civil Division at No: 211001740

BEFORE: STABILE, J., McLAUGHLIN, J., and LANE, J.

MEMORANDUM BY STABILE, J.: FILED MAY 19, 2025

These appeals, which we consolidate for disposition pursuant to

Pa.R.A.P. 513, arise from the same lower court docket number and involve

the same parties; therefore, we will address them together for ease of

disposition. Appellant, Antoine Gardiner (“Gardiner”), appeals from the J-A03001-25

January 5, 2024, judgment of $5,307,787.42 entered in favor of Appellee

Dalin Funding, LP (“Dalin”). Gardiner challenges the granting of summary

judgment on the ground that there existed genuine issues of material fact as

to whether he had defaulted on real estate loans obtained from Dalin. Upon

review, we find merit in that issue; vacate the order of summary judgment;

and remand for further proceedings.

Between 2008 and 2010, Dalin, a business focused on lending to

investors, made approximately forty interest-only loans to Gardiner, a real

estate investor. Motion for Summary Judgment, 9/1/23, at ¶ 11-13. The

loans were secured by mortgages on properties owned by Gardiner. Id. This

action involves Gardiner’s default on 12 of the loans, which were secured by

13 of Gardiner’s properties. Id. at ¶ 14. For each loan, Gardiner executed a

promissory note with a 15% interest rate, an open-end mortgage and security

agreement, and an assignment of rents, leases, and profits. Id. at ¶ 17.

Each mortgage required Gardiner to repay all sums due under the

mortgage, note, and other loan documents, and required any modifications to

be in writing. Id. The definition of “event of default” in the notes included

“the nonpayment of any principal, interest or other indebtedness under this

Note when due[.]” Complaint in Confession of Judgment, 10/21/21, Exhibits

6, 11, 16, 21, 26, 31, 34, 38, 43, 46, 49, 52, at section 9. Each note also

contained a provision which allowed Dalin to confess judgment in the event of

a default. Id. at ¶ 10. Each mortgage similarly provided that failure to make

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the required payments would constitute an event of default, and that upon a

default, Dalin could accelerate the debt and/or confess judgment. Id. Exhibits

2, 7, 12, 17, 22, 29, 32, 35, 39, 44, 47, 50, 53, 55, at ¶ 6, 7.

In 2010, Gardiner was in default on his loans, and in lieu of foreclosure,

Dalin and Gardiner agreed that Dalin Property Management, LLC (“DPM”)

would collect rent on all Gardiner’s properties, including properties not subject

to the loans. Motion for Summary Judgment, 9/1/23, at ¶ 19. The rents

would be deposited into a bank account controlled by Gardiner, and he would

then provide Dalin with the lump sum of rents collected to cover Gardiner’s

obligations under the loans. Id. at ¶ 20. Gardiner does not dispute that this

agreement was made. However, Gardiner claims that the parties agreed that

DPM would only collect rent until the loans were satisfied, at which point

Gardiner would transfer certain properties to Dalin, and Dalin would extinguish

Gardiner’s debt and consider the loans satisfied. See Response in Opposition

to Summary Judgment, 10/20/23, at ¶¶ 1, 19.

Due to significant issues with DPM collecting rent, the agreement was

abandoned in 2012. See Motion for Summary Judgment, 9/1/23, at ¶ 26.

Gardiner then hired Jodi Helton to assist with rent collection on his properties.

Id. at ¶¶ 26-27. As a result, Dalin and Gardiner agreed to modify Gardiner’s

loans. Id. at ¶¶ 30-35. The parties executed modified open-end mortgages

and promissory notes. See Complaint, 10/21/21, Exhibits 1, 4, 5, 9, 10, 13,

19, 24, 25, 27, 30, 36, 37, 41, 42, 57, and 58. Dalin agreed to reduce the

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interest rate from 15% to 10% and extend the maturity date to July 2017. In

exchange, the unpaid interest and insurance charges would be added to the

principal amount. See id. Exhibits 1, 5, 10, 20, 25, 30, 36, 42, and 58. The

modified notes included a provision regarding the ratification of loan

documents:

The Loan Documents are in all respects ratified and confirmed by the parties hereto and incorporated by reference herein, and each of the Loan Documents and this Modification shall be read, taken and construed as one and the same instrument. Capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Note. In the event of any conflict between the terms and provisions of this Modification and the terms and provisions of the Note, the terms and provisions of this Modification control.

Id. at ¶ 3.

Again, Gardiner does not dispute that the loans were modified. He

claims, rather, that there was only an agreement to reduce the interest rate

and extend the maturity date. See Response in Opposition to Summary

Judgment, 10/20/23, at ¶¶ 30-31. Gardiner contends that there was no

agreement to add the unpaid interest and insurance charges to the principal.

Id.

In addition to the aforementioned loans, in 2007, American Loan 2, LLC

provided Gardiner three additional loans which were secured by three of

Gardiner’s properties. For each loan, Gardiner executed a promissory note

with a 16% interest rate, an open-end mortgage and security agreement, and

an assignment of rents, leases, and profits. Complaint, 10/21/21, Exhibits

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59-61, 64-66, 69-71. Shortly thereafter, American Loan assigned Gardiner’s

loans to RBA Capital, LP. Id., Exhibits 62, 67, and 72. In 2012, RBA Capital

assigned Gardiner’s loans to Dalin. Id., Exhibits 63, 68, 73. For purposes of

this appeal, we will refer to the original 12 loans, plus the three additional

loans acquired by Dalin, as “Gardiner’s loans” or “the loans.”

Gardiner ceased payments on all his loans in February 2014. Motion for

Summary Judgment, 9/1/23, at ¶ 44-45. In March 2014, Dalin instituted

foreclosure proceedings on five of Gardiner’s properties. Id. at ¶ 46. Gardiner

filed a Chapter 11 voluntary petition for bankruptcy in August 2015 and listed

Dalin as a secured creditor. Id. at ¶¶ 46-47. Following Gardiner’s bankruptcy

filing, he continued to recognize Dalin as a mortgage holder on the properties,

subject to the loans. In 2016, 2017 and 2019, Gardiner listed Dalin as the

mortgage holder while seeking and/or renewing his property insurance policy.

Id. at ¶¶ 49-54.

On October 21, 2021, Dalin filed a complaint in confession of judgment

for $5,307,787.42, and attached to it, among other items, were copies of the

modified promissory notes and mortgages executed and notarized on August

2, 2012. Dalin filed an affidavit of service on February 15, 2022, and attached

a copy of the signed return receipt. On March 18, 2022, Gardiner filed a

petition to open Dalin’s confessed judgment. 1 In it, he argued (1) he was not

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