Welcome to
FAAN
Mortage Administrators
Stay informed with updates on:
FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) is a dedicated team of finance professionals and is a licenced mortgage administrator under Ontario’s Mortgage Brokerages, Lenders, and Administrators Act, 2006. (FSCO Administrator Licence Number: 12995)
On April 20, 2018, FAAN Mortgage Administrators was appointed as trustee over all of the assets, undertakings and properties of Building & Development Mortgages Canada Inc. under section 37 of the Mortgage Brokerages, Lenders and Administrators Act, 2006, and section 101 of the Courts of Justice Act, pursuant to an order of the Ontario Superior Court of Justice.
As Trustee, FAAN Mortgage Administrators is not appointed over any of the projects with syndicated mortgage loans not administered by BDMC.
Sorrenti
On September 30, 2019, pursuant to an order of the Ontario Superior Court of Justice, FAAN Mortgage Administrators was appointed as trustee over all of the assets, undertakings and properties of Derek Sorrenti or Sorrenti Law Professional Corporation that relate to Sorrenti’s administration of syndicated mortgage loans.
FAAN’s appointment was precipitated by an application made by the Law Society of Ontario under Section 49.47 of the Law Society Act, R.S.O. 1990. c. L.8, and section 101 of the Courts of Justice Act.
Fortress Class-Actions / Recours collectifs concernant les projets de Fortress
On January 19, 2023 pursuant an order of the Ontario Superior Court of Justice, FAAN Mortgage Administrators Inc. was appointed as Claims Administrator in respect of certain Fortress Real Developments Inc. syndicated mortgages Class Actions, related to the following real estate development project loans:
(a) Collier Centre – in respect of the 2012 syndicated mortgage loan only;
(b) Progress Manors Ten88;
(c) Sutton/The Link;
(d) Harmony Village Lake Simcoe/The Kemp; and
(e) Orchard Calgary – in respect of the 2014 syndicated mortgage loan only.
On December 7, 2022 pursuant an order of the Ontario Superior Court of Justice, FAAN Mortgage Administrators Inc. was appointed as Notice Administrator in respect of certain Fortress Real Developments Inc. syndicated mortgages Class Actions, related to the following real estate development project loans:
(a) Collier Centre – in respect of the 2012 syndicated mortgage loan only;
(b) Progress Manors Ten88;
(c) Sutton/The Link;
(d) Harmony Village Lake Simcoe/The Kemp; and
(e) Orchard Calgary – in respect of the 2014 syndicated mortgage loan only.
Le 19 janvier 2023 en vertu d’une ordonnance de la Cour supérieure de justice de l’Ontario, FAAN Mortgage Administrators Inc. a été désignée à titre de administrateur des réclamations dans le cadre de certaines actions collectives concernant les hypothèques consortiales de Fortress Real Developments Inc., relativement aux prêts projet de développement immobilier suivants:
(a) Collier Centre – à l’égard de l’hypothèque consortiale de 2012 seulement;
(b) Progress Manors Ten88;
(c) Sutton/The Link;
(d) Harmony Village Lake Simcoe/The Kemp; et
(e) Orchard Calgary – à l’égard de l’hypothèque consortiale de 2014 seulement.
Le 7 décembre 2022 en vertu d’une ordonnance de la Cour supérieure de justice de l’Ontario, FAAN Mortgage Administrators Inc. a été désignée à titre de fournisseur de services de notification dans le cadre de certaines actions collectives concernant les hypothèques consortiales de Fortress Real Developments Inc., relativement aux prêts projet de développement immobilier suivants:
(a) Collier Centre – à l’égard de l’hypothèque consortiale de 2012 seulement;
(b) Progress Manors Ten88;
(c) Sutton/The Link;
(d) Harmony Village Lake Simcoe/The Kemp; et
(e) Orchard Calgary – à l’égard de l’hypothèque consortiale de 2014 seulement.
Have Questions?
