FSCO warns of unlicensed mortgage developer

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The Financial Services Commission of Ontario (FSCO) has issued a warning to consumers and industry professionals about an unlicensed mortgage brokerage that is soliciting the public to invest in a condo project in Toronto.

“MetroZen (Canada), a real estate development company that works alongside Zen Mortgage Corp., is not licensed to solicit mortgage business,” an official statement from FSCO reads. “FSCO has been notified that the company is soliciting the public on its website, metrozen.ca, to invest in a large-scale condo project called MetroZen located at Highway 401 and Markham Road.”

FSCO has also warned that the two individuals involved with company – President Ralph Idema and Business Development Manager Cathy Yan – are also unlicensed by the commission.

Zen Mortgage Corp. claims to endeavor to construct socially and economically responsible projects through (unlicensed) syndicate investment.

“We are driven to revitalizing neglected properties within our rapidly-growing cities and seek out hidden jewels in prime locations,” the company’s website states. “With some tender love and care, we re-develop them into imaginative, affordable and environmentally-sound homes that offer an exclusive lifestyle and ultimately upgrade the surrounding community.”