A Vancouver Westside home has sold for 54% below its original 2016 asking price as part of a foreclosure sale by a subprime mortgage lender.
Sales records show that 2075 West 19th Avenue was put up for sale in July 2016 for $8,288,888.
After being on the market for more than three years, and plenty of legal drama involving multiple lenders and a jilted seller, the First Shaughnessy “mansion” sold for $4,430,700 last week.
Reliable Mortgages Investment Corp, the subprime mortgage lender who lent money to the seller – a woman who amassed multiple multi-million dollar Vancouver Westside properties – began foreclosing on three of her homes starting last year.
BC Supreme Court had ordered the sale of all for of Hua’s properties in 2017 after she reneged on a deal to buy a fifth property1 from a student named Angela An-Chi Chang.
Reliable Mortgages also began foreclosure proceedings against Hua’s other properties 1519 W 33rd Avenue, and 2-122 W 12th Avenue.
Reliable Mortgages had lent Hua $2,150,000 at a yearly interest rate of 11.95% and another $350,000 at 12.95%.
Reliable Mortgages lends to clients who don’t qualify for traditional mortgages, according to its website.
These include “credit impaired” clients and clients with “current or previous foreclosures” and “proposal to creditor & discharged bankruptcy”.
Meanwhile, one of Hua’s properties is currently available on Airbnb for $247 per night2.
In another action, the courts granted CIBC permission to email foreclosure papers to Hua after the lender alleged that the borrower “cannot be found after a diligent search and/or is evading personal service despite diligent attempts to serve”.
It seems that Hua was simply busy attempting to settle nearly $10 million worth of debts by transferring money from the People’s Republic of China, according to the response filed.