A Calgary mortgage brokerage has been placed into receivership with $122 million in investments owing to investors. Base Finance Ltd and Base Mortgage & Investment Ltd are now in the hands of receiver BDO Canada Ltd. Base has been operating in Calgary for four decades but was forced to stop trading by the Alberta Securities Commission. The receiver was appointed on October 15th.
It’s alleged that 240 investors believed that their money was being invested in Alberta mortgages but that investigation into the companies’ banks accounts and hand-written accounts show that this was not the case, although Base owner Arnold Breitkreutz claims that there is a “first charge security mortgage” on a number of oil and gas leases, the Calgary Herald reports.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: