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• 2019-02-14 4:30:44 PM Anyone else feel like you're having deja vu

• David Franklin 2019-02-14 3:53:57 PM I was surprised to read from the FAAN list of projects that the Collier Centre mortgage after it was bought from the Court, was $36M. When I read an early investor's documents the mortgage was $10M. The original Cushman & Wakefield opinion of value issued to Derek Sorrenti, who knew the purchase price was $4M with $500,000 down and postponable mortgage behind the investors' mortgage of $16.9 million, dated July 18, 2012, stated that the total value built was $72,042,875. When it was purchased from the court for $32.5M it was about 2/3rds built. The original Morrison Financial mortgage was $46M. After the condos were closed about $16M was paid as the net proceeds leaving the Morrison mortgage at $29.6M. So the debt before Morrison was repaid was 1st $46M 2nd $M 3rd $3.12M 4th $36M for a total of $89.12M. the original investor mortgage was replaced by a gratuitous non-recourse mortgage of $16.9M for a total debt of $106.2M. What was represented to new investors that had them mortgage the property to $89.12M when the Cushman value was only $72M built out? The office building was not rented to Barriston Law and there was no Sobey's grocery store lease. These leases were used to determine the $72M value. When Frank Margani, when he worked for Fortress, tried to sell the office building based on it being converted to residential. The asking price was $15M and there were no buyers at that price. Since the retail had only the BofM and Druxy's, the retail space was losing money. Morrison has stated publicly that they do not expect to be repaid in full. I would like investors in the mortgage to tell me what they were told and who told them. Also what were the Fortress salesforce scripted to tell investors?

• David Franklin 2019-02-14 2:42:42 PM It is interesting that the Law Society Notice states: "The Law Society has become aware of instances in the marketplace where individuals have sustained significant financial loss by investing their savings in SMIs in which Ontario lawyers have played a role."Thus they are stating that investors have lost money as a result of this. How can anyone deny in the face of Law Society statement of losses resulting? Do you think that this affects their defence against law suits for delay in posting, since they admitted awareness of the problem.

• 2019-02-14 1:47:30 PM He will ignore for a day then continue posting/pasting in stories and asking his rhetorical what if and why questions that don't do any help at all.

• Karen Lagore, Accredited Mortgage Professional, 2019-02-14 11:16:33 AM I don’t agree with you Jim! I have personally worked for one of the big six, for 30 years and now work as a mortgage broker for Dominion Lending Centres, and banks definitely charge higher interest rates! You have to compare apples to apples and yes, banks have become more aggressive but in most cases we can beat their rates. Brokers have discounted rates because of our high volumes. Besides that, our services are free to the purchaser, and we are available 24/7. I would never go through a bank in my wildest dreams. My money is better spent going through the broker channel!