The same group, Wong Syndicate, that loaned his company $3.4 million for a second mortgage at Mission Hill advanced another $3.4 million for Tuscany Villas in West Kelowna, a second mortgage that charged 13 per cent interest. Using properties as collateral for others is known as cross collateralization. Documents filed as part of Companies’ Creditors Arrangement Act (CCAA) proceedings now underway for Rink's companies show five of seven projects are cross collateralized, some with fourth mortgages.
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