Abode not paying outstanding finder's fees

Abode not paying outstanding finder's fees

Brokers who are owed finder's fees from Abode Mortgage Corporation won't be getting paid, the lender disclosed to CMP.

"Abode ceased operations in late 2009 due to enduring pressures from the capital market disruption and the revocation of credit facilities from our corporate bank," Abode chairman David Nelson said in a statement. "It is with regret that I confirm these unfortunate actions have left Abode without the financial means to satisfy its obligations. We pass on our sincere apologies to all affected by this unfortunate outcome."

The company also said that as a policy, it does not comment publicly on creditor issues.

Abode previously stated it would try to find a purchaser that would help pay outstanding broker fees which have been in limbo since the company first announced its closure at the end of November. It closed permanently on March 9.

RELATED

Abode announces permanent closure

Former Abode staff to lead new lending operation

27 Comments
  • Kevin Power 2010-04-06 2:23:02 AM
    I think it will be very difficult to convince brokerages and brokers to support the new company started by the previous management of Abode.
    Post a reply
  • Shawn 2010-04-06 2:33:40 AM
    any broker who decides to deal with Canadiana gets what they deserve. Hey Phantom 5, pay what you owe instead of shafting your business partners.
    Post a reply
  • James Shinners 2010-04-06 2:34:09 AM
    Talk about biting off your nose to spite your face. Maybe they should change their name to Ajoke!
    Post a reply