Citifund Capital Corporation v Vintop Development Corporation
Citifund Capital Corporation
Law Firm / Organization
Not Specified
Lawyer(s)

T.G. Keast

A. Levine

Citifund (Good) Capital Ltd.
Law Firm / Organization
Not Specified
Lawyer(s)

T.G. Keast

A. Levine

Vintop Development Corporation
Law Firm / Organization
Not Specified
Luning Yu
Law Firm / Organization
Not Specified
Tracy Dong
Law Firm / Organization
Not Specified
John Good
Law Firm / Organization
Not Specified
Lawyer(s)

T.G. Keast

A. Levine

Defendant, Vintop Development Corporation, developed a real estate project in New Westminster called "Ovation." The project consisted of a 32-storey tower with 204 market strata units and an eight-storey tower with 66 non-market rental units. On April 14, 2018, Vintop entered into an exclusive agency agreement with the plaintiff, Citifund, to secure a construction loan. The agreement stated that Citifund would receive a commission if Vintop secured a loan according to specific guidelines or on terms acceptable to Vintop. The agreement had an initial term of 60 days but could be extended. Multiple lenders, including a private commercial lender, BC Housing, and a deposit protection facility, were involved in the financing arrangement. Discussions were held regarding the priority ranking of loans, leading Vintop to terminate the agreement with Citifund and seek financing from other sources. Subsequently, Citifund demanded a commission payment, resulting in a legal dispute between Citifund and Vintop. The court dismissed Citifund's claim and Vintop's counterclaim, considering Vintop as the successful party entitled to costs.
Supreme Court of British Columbia
S200952
Corporate & commercial law
Defendant