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Mortgage Broker News | 13 Apr 2018, 01:37 PM Agree 0
The RCMP conducted a search of Fortress Real's head office in Richmond Hill on Friday morning-the latest development in its investigation into syndicated mortgage fraud
  • | 13 Apr 2018, 03:34 PM Agree 0
    Went to a few Fortress meetings we were asked not to ask to many questions. They were trying to recruit us to sell there products . I found that they catered to the average person with limited funds to invest. Most of the people were told that this would be the only way to get in to the realestate market minimum investment was $5000.00 they had a film presentation showing you the Developers and Projects that you could invest in. We asked them to provide us with contract documents so that we could review. They were quite reluctant in do so we had to go through a few people before we got these documents. Upon reviewing documentation we realized that these mortgages had a lot of conditions for the boreorer and putting the investor at a high risk some of the conditions were that the developers had to make a certain amount of profits before investor could get paid a return on the investment also that if developer required more funds they could re mortgage and you would fall behind there mortgage so if there were a default the other mortgage would get paid before your investment. Very unscrupulous people but was quite surprised at some of the developers that took part in this borrowing at 19% rates this cost goes into the purchase price of Condo
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