LONDON UPDATES The London property currently has three charges/mortages against it totalling $5.86 million.
1. $500,000 was registered in July 2019 by an individual who loaned Beleave money at 10%. It was registered against the property on December 12, 2019 after Beleave defaulted.
The principal of this loan was increased to $1 million on January 2, 2020, but it appears Beleave only received $250,000 with the other $250,000 seemingly agreed “in order to induce the Lender to provide the Increase”.
This loan comes due on April 22, 2020 and may be extended until August 22, 2020 at a rate of 16% interest, plus a 5% lender fee. Beleave committed to pay it off with proceeds of its Saskatchewan sale.
2. VTB of $4.36 million was registered on September 6, 2018 at a rate of 6%. The balance of approximately $2.4 million (if Beleave is current on payments) is due September 4, 2020.
3. $500,000 was registered on August 29, 2019 as security deposit for the sale that fell through over the summer. This was never re-paid to the purchaser as required.
The property is no longer listed for sale on MLS or Colliers, but last I heard the for sale sign was still on the property.