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As their real estate business was failing, a group of Ontario landlords spent millions of dollars of investors' money on "extravagant" expenses, ranging from renting a luxury vacation home in Hawaii, to footing a $5,000 Miami strip club bill to flying on private jets.
The landlords had used first and second mortgages and unsecured promissory notes from private lenders to buy up 800 properties, mostly in small Ontario cities, to renovate and rent out at a higher cost or sell them.
CBC Hamilton revealed in February that the landlords flaunted a lavish lifestyle throughout 2022, even as their business was running out of money, properties sat derelict and vacant, and contractors, utility bills and property taxes went unpaid.
贷款在小城市买房地产，装修出租和卖掉，结果经济下行利息上升，他们还依然大手笔花钱豪华消费。
