Investors Nervous as Mortgage Broker Delays Repayment

In fall 2022, investors who had poured hundreds of millions of dollars into short-term loans with mortgage broker Greg Martel were nervous. They had been collecting high returns on the basis that their money was pooled to provide bridging loans for real estate development , often for less than 90 days, to allow projects to secure permanent financing or pay off a current loan.

But when there were delays in payments and some investors started calling for their principals to be returned, Martel balked and asked for more time. “I was desperate for the repayment … as my financial situation was rapidly deteriorating,” Victoria resident and investor Laurel Rayani said in an affidavit filed in B.C. Supreme Court. Rayani had used her investment of more than $2 million, in part, to help fund a charity she had started. But as concerns grew in B.C., it didn’t stop Martel from buying a $4.8 million luxury home in Las Vegas in November of last yea

Source: Loan Digest (loandigest.net)

Investors Mortgage Broker Repayment Short-Term Loans Real Estate Development Concerns Luxury Home

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