Homeowners warned not to get mortgages from London company

Ontario homeowners are being warned by a provincial regulator not to get mortgages from a London company because it says the company does not have a license to provide them and doesn’t provide funds it promises.

The Financial Services Regulatory Authority of Ontario (FSRA) issued a warning this week about Canada Lending Corp., a company it says is located in downtown London and at the website https://canadalendingcorp.com

The authority licenses mortgage brokerages, brokers and agents in Ontario and says Canada Lending Corp. has not been licensed by it.

“It has been reported that Canada Lending Corp solicits what they refer to as ‘Home Loans,’ ” the authority said. “Canada Lending Corp. is allegedly collecting information from consumers including details about employment, housing, income and social insurance numbers.”

Canada Lending Corp. doesn’t have a license to ask for that information, the authority said.

“Once they take upfront fees, they cease communication and do not provide funding for a mortgage,” the authority said.

Consumers should exercise caution if they are contacted by the company or anyone claiming to represent them, the authority said.

“Consumers are also advised not to obtain a mortgage arranged through Canada Lending Corp.,” the authority said.

The regulator said its warning was prompted after it investigated a complaint about the company.

It wasn’t immediately clear how much money the person who complained allegedly lost or whether the person was located in London.

Canada Lending Corp., which promotes itself as an “alternate lending solution to banks” where people can get loans of up to $150,000, lists its address on its website at the downtown London City Center towers, better known as the TD towers, at 380 Wellington St.

But Canada Lending Corp., which also claims to offer personal and business loans and secured and unsecured credit lines, is not a tenant at the building, visited by a Free Press reporter, according to the building’s property management company.

Messages seeking comment about the allegations, sent to the company’s email and through its website, went unanswered Thursday.

The Financial Services Regulatory Authority of Ontario said only agents and brokers licensed by it are authorized in Ontario to perform mortgage assessments for clients. Agents or brokers must work for a licensed company.

Anyone who receives a mortgage through a non-licensed company or individual is not protected under the Mortgage Brokerages, Lenders and Administrators Act, the authority said.

People can visit the FSRA website, www.fsrao.ca, to confirm if a mortgage company or agent is licensed in Ontario.

“Consumers who believe they are the victim of fraud are advised to contact police,” an authority spokesperson said in a statement.

Consumers can also file complaints on the authority’s website or call the FSRA’s contact center at 1-800-668-0128, the spokesperson said.

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