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If you invested in a syndicated mortgage and problems have arisen or you have been approached to invest in one, this site will be of interest you.  Also send this site to other investors and interested parties you know of. Also go to

The FAQ is also in Chinese. 中文

For information on Tier 1 which raised $110 million:


For information on Black Bear which raised nearly $9 million, watch and read the CBC News below.


For information on Metrozen, which is the first syndicated development equity mortgage entity FSCO took action against:

For information on Titan, which is the first syndicated development equity mortgage entity that action was taken against by the OSC:


Has FSCO, OSC, LAW SOCIETY OF UPPER CANADA and the government of Ontario failed to protect the public interest?

Hello & Welcome
David Franklin

David was called to the Ontario bar in 1973. His areas of practice and expertise are Real Estate, Financing, Corporate Commercial, Tax and Securities. In 2013, David was inducted into the Worldwide Who's Who in Real Estate Investment. David co-authored the book Buying U.S. Real Estate, published in 2012.

David joined the board of directors of the Canadian Judicial Review Board on October 22, 2019.

April 25, 2017

CBC News

Toronto lawyer says $1B of Ontario investors' money lost in syndicated mortgages

$9M in Black Bear Homes projects is 'smallest' set of deals lawyer David Franklin has seen

April 25, 2017

CBC News

6:00PM News: CBC News reported that more than 120 Chinese investors in the Greater Toronto Area were set to lose nearly $9 million in these kinds of investments, but David Franklin says that's just the tip of the iceberg.

June 12, 2017

CBC News

Regulator suspends licence of Toronto mortgage agent who solicited nearly $9M in syndicated mortgages

CBC Toronto investigation revealed investments were tied to convicted fraudster

April 24, 2017

The Financial Post

The lax oversight of syndicated mortgages is hurting Ontario investors with little relief in sight

June 20, 2016

The Toronto Star

Ontario urged to boost financial protection for consumers

Overhauling the current system would better protect investors, borrowers and retirees, report says.

August 26, 2016


Lawsuit targets Ontario’s $4-billion syndicated mortgage industry


Fortress, the largest company in the syndicated mortgage industry, and the Financial Services Commission of Ontario are named in a proposed class-action suit.

November 04, 2016


Regulators put syndicated mortgages in their crosshairs


Regulators appear to finally be cracking down on a popular real-estate investment called a syndicated mortgage that promises big returns and low risk

April 04, 2016


Just how safe is the ‘safe’ world of syndicated mortgages?


The condo boom has seen investors pour billions into syndicated mortgages. They’re pitched as high return, low risk investments—but is that too good to be true?

January 19, 2017


How a real estate developer’s efforts to silence a critic failed


Fortress’s defamation suit against an independent analyst over his tweets tested a new Ontario law protecting free expression in the public interest

April 18, 2017

The Barrie Examiner

Harmony Village, on Bradford Street in Barrie, has yet to materialize despite plans for seven towers ranging from eight to 25 storeys and 1,170 residential units, along with restaurants and cafes, a hotel with 152 rooms and a grocery store. 

April 07, 2017

The Barrie Examiner

The partial sale of commercial units at Barrie's Lakeview Condominiums and Collier Centre is being considered by its builder.

“Construction of the commercial portions of the building is nearing completion, and in the normal course of business at this stage, we are exploring a partial sale of our interest in the commercial areas at completion of the project,” said Mark Fogliato of Fortress Real Developments.

March 01, 2017

The developer plans to defend what it alleges is a baseless claim.

A total of five claims have been filed against Fortress Real Capital, bringing the total to $137.5 million.

September 28, 2016

The second claim filed against Fortress Real Capital will not be the last, according to the plaintiff’s real estate lawyer.

May 05, 2016

Following a deluge of criticism in the mainstream media, one industry professional who specializes in syndicated mortgages tackles – what he argues to be – misleading information.

September 29, 2012

Potential rec facility developer linked to alleged stock-manipulation deal

ORILLIA - The president and CEO of a company looking to partner with Orillia for its recreation facility is tied to an alleged stock-manipulation deal.

The B.C. Securities Commission (BCSC) is alleging “five B.C. residents engaged in a market manipulation when their co-ordinated activities resulted in a misleading appearance of trading activity in, or an artificial price for, shares in a company that was listed on the TSX Venture Exchange.”

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Contact David


Phone: 416-587-8191

Buying U.S. Real Estate

The Proven and Reliable Guide for Canadians


Published by Wiley in 2012

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