Posted Oct 31, 2020, 2:34 AM
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Registered User
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Join Date: Dec 2006
Location: Hamilton
Posts: 6,637
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Quote:
Originally Posted by bb1510
I know the seller and it's not a scam. He was previously trying to find a 50/50 JV to take over half of the equity for 500k
He's a private equity* guy based in the UK and here and is really, really over leveraged on this property. Has units at the Shaw tower and Fairmont as well but not interested in selling those at the time
There are 4 mortgages registered on the property:
425k with TD at 2.4%
400k private mortgage at 14% - default since aug 2019, there's a pending litigation on this
25k private mortgage at 15%
80k private mortgage at 18.5%
monthly payments are 7792.36 plus strata fees; the private mortgages are all interest only payments
there's also a crown lien on the property
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