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VOSMI is a group of investors of Syndicate Mortgages through Fortress Real Developments Inc. We are sharing our stories, and joining together so that our voices  can be heard. 

Investors of Tier 1 Syndicated Mortgage investments have experienced the similar issues. Read about the Tier 1 fraud here. Tier 1 investors may contact the FSCO Action Group for further assistance and information.

What is a Syndicated Mortgage?

A Syndicated Mortgage is a group of individuals who lend money privately to a borrower to finance real estate developments, such as  residential condo buildings.  

We were promised: 

 

  • Repayment of principal at end of mortgage term 

  • Earn 8% fixed  interest with  principal secured

  • Investment's backed by the security of the physical property much like a bank with a regular mortgage

  • Repayment of principal at end of mortgage term 

  • RRSP, TFSA, LIRA eligible

  • Safe & Low Risk Investment

 

What we discovered:

 

  • The Investment was high risk

  • The Current "as is" value was Grossly inflated 

  • The Loan to Value Ratio exceeded 100% up to over 300%. Read more here

  • Failed projects (eg. Collier, Harmony,) resulted in no funds remaining to repay the syndicate investors (ie VOSMIS)

  • Investments were not RRSP Eligible 

  • Independent legal advice was paid for by Fortress RDI

  • Undisclosed commission fees of 35%, were deducted from investor's principal

  • 8% interest payments ceased mid-term

  • 8% fees were deducted from investor's principal

 

Does this sound familiar to you?

 

If you invested in a Fortress Real Development Investment, join our group

If you're a victim of fraud, please know that you're not alone. The Canadian Centre for Victims of Crime has created an excellent resource to support victims of Fraud. "Helping Victims of Fraud Recover" is a must read. 

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