What is the difference between a mortgage and a secured loan?
Ontario, Canada
The following excerpt is from 2598508 Ontario Inc. v. 2394049 Ontario Inc. o/a Goodman Green Solutions, 2021 ONSC 5293 (CanLII):
As stated above, mortgages are secured loans and loans are contractual agreements. Under a loan agreement, the borrower is entitled to the use of the lender’s capital for some stipulated period of time. The lender is entitled to a stream of interest income and to the ultimate repayment of its capital. See Lee v. He, 2018 ONSC 5932 at para. 25.
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