A Vancouver condominium developer is facing foreclosure over a nearly $23 million loan borrowed at a whopping 18% interest rate, according to court documents.
The lender Robert Lee Ltd is suing Buffalo Properties Inc., Buffalo Megan Holding Ltd., Buffalo Investment (Canada) Ltd., and the guarantors Chaing Xia Lv and Wang Ji Yao over alleged nonpayment of the loan1.
Buffalo Properties is the developer of the Aperture condo project on Baillie Street in Vancouver.
Buffalo Properties Inc had bought up seven properties with plans to develop apartments along the 500 block of 65th and 64th avenue, which fall under Cambie Corridor Phase 32.
The lots were subsequently put up for sale but they no longer appear to be on the market. These properties, and a commercial property in Richmond, are named in the foreclosure action.
One of the properties gained notoriety recently when some tenants of one house alleged that their accommodation was home to as many as 21 people3.
BC Registry records Chang Xia Lv as the sole director of Buffalo Properties.
Buffalo Investments Canada Ltd. donated $20,000 to the BC Liberal leadership campaign of Diane Watts4.
None of the claims has been tested in court.
- Court File No. VLC-S-H-200030