Teagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
In early-August, the private mortgage lender Equityline SPV came under receivership after failing to repay over $10M in loans to Equitable Bank . Equityline is the owner of approximately 34 residential mortgage loans, mostly valued at under $1M, totalling $18M. The company has been placed under receivership for its debts owed to Equitable Bank , but saw its chances of getting out of receivership squashed due to allegations of fraudulent mortgage practices and deceit.
On top of that, according to Equitable Bank, before they and Computershare were made aware of the defaults, Equityline filed 33 lawsuits to collect on the defaulted mortgage loans without letting Computershare or the Bank know. This put Computershare at risk and made them retract their custodianship. However, Equitable Bank convinced them to extend their custodianship until after a receiver was appointed.
As a result of these alleged shortcomings, and despite the fact that Equityline had been supplementing interest payments to them, Jackson Chan, Equitable Bank’s Associate Director of Special Loans, stated in an affidavit that the Bank “has no confidence in Equityline to administer the mortgage portfolio.”
Equityline Equitable Bank Ksv Advisory Computershare Receivership
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