MORTGAGES AND SYNDICATED MORTGAGES

1.  Q What interest rate and term apply to a typical 70% loan-to-value  private residential mortgage?

     A The rates range from 6%-9% for a term of 1 year. Typically, investors can earn about 8%.

2.  Q What are the range of rates for funding the soft costs of development mortgages?

     A They range from 20%-30%.

3.  Q How risky are construction loans?

     A Construction loans are one of the riskiest mortgage loans.

4.  Q Are syndicated mortgages good investments?

     A Like any other investment, they can be.

5.  Q Are syndicated equity development mortgages good investments?

     A These mortgages are a sub-class of syndicated mortgages and are higher risk than typical syndicated mortgages. In some cases, these               are required to postpone to construction financing, construction liens and additional financing, which makes these investments even riskier.

6.  Q Are syndicated equity development mortgages safe and secure investments a for retirement investing?

      A FSCO issued a warning stating that syndicated mortgages are high risk and may not be good investments for the average investor. Further,             because of the high degree of risk, most knowledgeable financial advisers would advise against them for retirement planning.

 

CRA REQUIREMENTS

7. Q What are the CRA requirements for a mortgage to be RRSP, LIRA etc. eligible?

      A The mortgage must be fully secured such that in the event of default, the value of the security/property may repay the mortgage in full. So,         a current market value appraisal, as set out by FSCO, should be used. Future value opinions and opinions of value are just opinions and not           appraisals.  

8. Q What is the tax penalty that CRA may assess for an ineligible RRSP, LIRA, etc. mortgage investment?

    A  50% of the amount invested and any applicable interest.

INDEPENDENT LEGAL ADVICE

9. Q Is free independent advice paid for by the borrower or FSCO licensed mortgage person independent legal advice?

     A According to the Rules of Professional Conduct of the Law Society of Upper Canada it is NOT.

 FSCO’S FAILURE TO PROTECT THE PUBLIC INTEREST

10. Q Was the Development Loan Agreement between Fortress and Mady a document that was required to be provided to the investors setting          out that the fee was $6 million etc.?

      A Yes.

 

11. Q Why hasn't FSCO taken regulatory action against Fortress et al, especially since it took action against Metrozen and Tier 1?

      A Ask the Minister of Finance Charles Sousa this question since he is bringing in legislation to replace FSCO,  Was it because of its failure to           protect the public interest as he was advised by the Auditor General in 2014?  The Panel he appointed to make recommendations to                       him, which report is dated March 31, 2016, also advised the MOF that FSCO was not adequately protecting the public.  

OLYMPIA TRUST COMPANY, FSCO AND THE OSC

12. Q Is Olympia Trust Company licensed to carry on business in Ontario?

      A No, not according to the Loan and Trust Corporations Act as it is not federally chartered.

 

13. Q What is the fine for promoting or soliciting investors to open accounts with Olympia Trust Company or any trust company when not licensed       to do so?

      A Up to $100,000 under the Ontario Loan and Trust Corporations Act.

 

14. Q Why hasn't FSCO taken action against Olympia Trust Company?

      A It has failed in its responsibility to do so

 

15. Q Why hasn't Olympia Financial Group Inc. the TSX listed holding company of Olympia Trust Company disclosed, as required by law, that it is            a defendant in 5 lawsuits claiming $137.5 million?

      A Ask Olympia Financial Group Inc.

 

16. Q Why hasn't the Ontario Securities Commission required Olympia Financial Group to do so considering it took action against Home Capital         Group Inc. for allegedly failing to disclose information to its shareholders?

       A Ask the OSC. 

DUE DILIGENCE AND FRAUD

17. Q If I have not done my due diligence when I invest and am defrauded, will the police lay fraud charges?

      A Yes, they should, because if they didn’t, then they are taking the position that people who are not trained, licensed industry professionals             can be defrauded with impunity.

18. Q What due diligence should I have done?

      A  Due diligence consists of working with a licensed mortgage broker, who by law is obligated to disclose all relevant information and                     documents to you, and their obligations are under the supervision of FSCO.  If a professional breaches their obligations to you, that is 

      not a failure on your part to conduct due diligence.  Also, failure to disclose may be fraud, and that is a criminal offence, so obviously you are 

      not negligent if your professional licensed adviser commits fraud against you.  

David Franklin

電郵: davidfranklin@rogers.com

電話: 416-587-8191

網站: https://www.davidfranklinlaw.ca

 

 

 

 

 

 

 

 

大衛律師於一九七三年開始執業。他的實踐和專長領域包括房地產,融資,企業商業,稅務和證券。 2013年,David被認可為“全球房地產投資”達人。 大衛合著寫了2012年出版的“購買美國房地產”一書。

抵押貸款及集資按揭投資貸款


1. 一般有多少貸款利率和多少期限適用於70%貸款的私人住宅抵押貸款?
費率範圍為6%-9%,為期1年。投資者通常可以賺取約8%。

2.抵押貸款對成本比例是多少?
範圍從20%-30%。

3.建築貸款有甚麼風險?
建築貸款風險比抵押貸款風險較高一點。

4.集資按揭投資是否一個優質投資?
像任何其他投資一樣,集資接揭投資可以是一個優質的投資。

5.集資按揭投資股權發展抵押貸款是否一個優質投資?
這些抵押貸款是一個次級數的集資按揭抵押貸款,比正常的集資按揭抵押貸款風險更高。在某些情況下,這些抵押貸款需要推遲到建設融資,甚至在某些情況下需要額外的融資,這使得這些抵押貸款承擔更多風險。

6.集資按揭股權發展抵押貸款是否為安全投資?
FSCO發出警告,表示集資按揭抵押貸款是高風險的投資,對一般投資者可能不算是很好的投資。此外,由於風險較高,大多數知識淵博的財務顧問會提出另外一些投資較佳的建議。

抵押經紀人費用
7.私人抵押貸款的經紀費用是多少?
佔按揭金額的2-4%

8.什麼是commission-itis?
銷售人員銷售的產品的銷售額高於行業中通常支付的佣金,銷售人員只會照顧自己的利益,這是銷售人員的一種疾病。

9. 一個銷售人員可以在集資按揭股權開發抵押貸款賺取多少佣金?
一般是6-12%,但可以高達至18%

10.集資按揭股權發展抵押券經紀公司要賺取多少佣金才可以向銷售人員支付這些高佣金?
向貸款人索取至少15%或以上的佣金。

加拿大聯邦稅局要求
11.加拿大對RRSP,LIRA等有資格的抵押有什麼要求?
抵押必須充分保證,以便在發生違約的情況下,擔保/財產的價值可以全額償還抵押貸款。所以,安大略金融服務委員會Financial Services Commission of Ontario (FSCO)規定必需使用目前市場價值評估擔保或財產。未來價值觀和價值觀只可作為參考而不能用作評估。

12. 加拿大聯邦稅局CRA可以評估不合格的RRSP,LIRA等抵押投資的稅收是多少?
投資額的50%和任何適用的利息。

獨立的法律意見
13. 抵押人可否享有借款人或FSCO免費支付獨立法律諮詢?
根據上加拿大律師會的專業行為規則,不可以。

安大略金融服務委員會Financial Services Commission of Ontario (FSCO)未能保護公共利益
14. Fortress和Mady等等公司之間的600萬加元發展貸款協議是否需要向投資者披露?
是對的。

15.為什麼FSCO對Metrozen和Tier 1採取了行動,但不對Fortress等人採取了管制措施?
你應該去問財政部長查爾斯·蘇薩(Charles Sousa)這個問題,因為他正在採取立法取代FSCO,是否因為沒有保護公共利益,他被審計署長在2014年向他通報,和他所委任的調查組在2016年3月31日的報告向他提出的建議,已說明FSCO沒有充分保護公眾。

奧林匹克信託(Olympia Trust Company)公司,安大略金融服務委員會(FSCO) 和安省證監會(OSC)
16.奧林匹亞信託公司(Olympia Trust Company)是否被許可在安大略省從事業務?
不可以,根據貸款和信託公司法,它不是聯邦許可的公司。

17.如果沒有獲得許可,促銷或招攬投資者在奧林匹亞信託公司(Olympia Trust Company)或任何信託公司開戶的罰款是多少?
根據安大略省“信貸公司法”規定,最高達10萬加元。

18.為什麼安大略省金融服務委員會(FSCO)沒有對奧林匹亞信託公司(Olympia Trust Company)採取行動?
它沒有責任這樣做。

19.奧林匹亞金融集團有限公司(Olympia Financial Group),多倫多證券交易所上市控股公司,根據法律規定母公司必需披露奧林匹亞信託公司(Olympia Trust Company) 有5宗訴訟,索賠1.375億加元。為什麼奧林匹亞金融集團有限公司沒有披露此消息?
請您詢問奧林匹亞金融集團有限公司(Olympia Financial Group)。

20.安大略省證監會已向House Capital Group Inc.採取行動要求該公司向股東披露訴訟消息。為什麼奧林匹亞金融集團(Olympia Financial Group)沒有這樣做?
請您諮詢OSC。

盡責DUE DILIGENCE和 詐騙FRAUD
21.如果我沒有在投資上去盡責而被騙,警方會否對詐騙有關人仕作出檢控?
是的,如果沒有的話,那麼這些專業人士可以欺騙沒有接受過培訓的人而不受懲罰。這是不能容忍的行為。

我應該做什麼為之盡責?
盡責的範圍包括與特許的按揭經紀人合作,根據法律他們有義務向您披露所有相關信息和文件,其義務由安大略省金融服務委員會(FSCO)監督。如果專業人員違反了對您的義務,那麼您不是不盡責。此外,未能披露可能是欺詐行為,這是一種刑事罪行。如果您的專業執照顧問對您作出欺詐行為,顯然您不是疏忽。

你的權利
23.如果抵押經紀人的不履行法律義務,您有甚麼權利?
請參閱David Franklin網站的“Statements of Claim”部分,以全面分析您的權利。

24.如果您投資集資按揭抵押貸款,您是否必須等到抵押貸款停止執行或違約才能投訴或起訴?
既然有欺詐行為,你不必等待 - 你可以立即向警方和安大略省金融服務委員會(FSCO)投訴,因為在停止執行的時候,恢復投資可能還為時已晚。

25.抵押經紀人是否為這些風險提供保險?
是。

26.如果我懷疑我已經投入了比我願意接受的更高風險的按揭投資,該怎麼辦?
立即聯繫安大略省金融服務委員會(FSCO)並提出投訴。你也應該聯繫警方,因為這可能是犯罪行為。

© 2023 by David Franklin

 

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