Key Facts

• The Plaintiff (Extend Financial Ltd.) seeks summary judgment to enforce a Home Equity Line of Credit (HELOC) issued to the Defendant (Saeid Naeimi-Manesh) for $256,000 at 10.49% interest.
• The Defendant secured the loan with a mortgage on property located at 45 Sunrise Avenue, Unit 1210, North York, Ontario.
• The Defendant, a mortgage broker, executed the loan on September 9, 2021, with a maturity date of August 1, 2023, but defaulted on interest payments starting June 1, 2023.

Defendant’s Arguments

• Denied entering the mortgage but acknowledged signing relevant documents, receiving commissions, and directing the funds to a solicitor and his employer for investment.
• Claimed disputes with other parties (employer Asadi and solicitor Moosavi) over alleged misconduct and unpaid investments, asserting that these issues negated his obligation to repay the Plaintiff.
• Alleged potential collusion between the Plaintiff’s lawyer and Asadi, which the court found unsubstantiated.

Court’s Findings

• The Defendant had full legal representation and signed all documents knowingly.
• The Plaintiff advanced the funds as agreed; the Defendant’s disputes with third parties (Asadi and Moosavi) were irrelevant to this case.
• No credible evidence supported the Defendant’s allegations of fraud or collusion involving the Plaintiff.
• The Plaintiff waived the three months’ accelerated interest on default, simplifying the calculation of damages.

Decision

• The court granted summary judgment to the Plaintiff.
• The Defendant must repay the loan amount, with interest calculated up to the judgment date and a daily accrual rate for ongoing nonpayment.
• Costs: The Defendant was ordered to pay $18,000 in costs, reflecting a compromise between the parties’ submissions.