A controversial real estate investor from Burlington, Ontario, has lost several properties in Sault Ste. Marie following a series of default judgments in Ontario Superior Court. Nels Moxness, co-director of CPM Properties, was sued by lenders over unpaid mortgages on seven properties. Moxness and his numbered companies were ordered to pay $1.42 million, plus interest.
A controversial real estate investor from Burlington, Ontario, has faced a significant legal setback, losing possession of properties in Sault Ste. Marie following a series of default judgment s in Ontario Superior Court. Nels Moxness, co-director of CPM Properties, is named as a defendant in civil suits filed by lenders over unpaid mortgages on seven properties. Seven numbered companies directed by Moxness were also named in the proceedings.
Court documents reveal that both Moxness and the numbered companies have been ordered to pay a combined $1.42 million, plus interest, after default judgments were issued at the Sault Ste. Marie Courthouse over the past two months.Moxness' legal troubles stem from allegations that he failed to meet mortgage obligations on properties acquired through numerous numbered companies he controls. A default judgment can be awarded if a defendant does not file a statement of defence within 20 days of a claim being filed. Since 2022, there have been nearly 30 court claims against Moxness in Sault Ste. Marie, primarily focused on unpaid loans used to purchase properties.The situation highlights the risks associated with the use of numbered companies in real estate transactions and the potential for financial instability when mortgage obligations are not met. Moxness' real estate empire in Sault Ste. Marie, built during the COVID-19 pandemic by acquiring at least 130 properties, many in the downtown core, is now facing consequences. As SooToday has extensively reported, Moxness' strategy involved utilizing over two dozen numbered companies to purchase properties and acting as a guarantor for hundreds of thousands of dollars worth of promissory notes issued by Lion's Share Group, a mortgage broker that entered receivership in March. Many of the rental properties now sit vacant and boarded up, prompting the city council to implement a four-percent tax on vacant, neglected properties starting this year. Moxness' son, Mathew, co-director of CPM Properties, also faced criticism from city council in March 2024 for the neglected properties while seeking approval for a new five-storey apartment building
Real Estate Default Judgment Litigation Promissory Notes Vacant Properties Sault Ste. Marie
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