Toronto Mayor Rob Ford said he would not pass judgment on loans city Coun. Giorgio Mammoliti received from a pair of Toronto real estate investors until he speaks with him — but says he would not have taken such loans himself.

The mayor's comments come after a CBC News investigation first revealed that Mammoliti received at least $275,000 in mortgage loans from a pair of real estate investors who owned billboards along Highway 401.

When Ford was asked Friday whether he would have done the same thing, he said: "Ridiculous."

"I don't work that way," he told reporters. "You guys know that."

Earlier Friday, Mammoliti issued a statement saying the loans were "of a personal business matter" involving his ex-wife.

He claimed the billboard applications were in relation to upgrades to "already existing signs which were in need of repair and would contribute to the revitalization of my community of which I remain greatly focused on."

However, minutes from meetings of his community council show that of those five sign applications Mammoliti backed between 2004 and 2009, three were for entirely new billboards. The other two were to upgrade existing poster billboards into "tri-vision" types where the image rotates between three advertisements.

The businessman who brought the first two billboard applications, in 2004 and 2006, later loaned Mammoliti $200,000 in late 2007. A second businessman who brought the other three applications, in 2009, had loaned Mammoliti $75,000 by mid-2011, court and property records show.

Mammoliti also claimed Friday that the loans involved "a company owned and operated by my now ex-wife."

In fact, the loans were granted to two companies, according to property records: Aribella Property Management and 1195407 Ontario Inc. Mammoliti's sworn financial statements submitted to court in October list him as a 50 per cent shareholder in both corporations.

Loans from individuals to councillors are not prohibited by the conduct rules or laws governing Toronto politicians, and whether they must be disclosed is a grey area, according to experts in the field.

'Optics aren't right,' Holyday says

When the billboards in question came up for debate at the Etobicoke York community council in 2009, Coun. Doug Holyday, now Toronto's deputy mayor, wanted more information about the applications and said he would ask the city's integrity commissioner to look into the matter.

At the time, the commissioner said it was not an integrity matter, Holyday told CBC News on Friday.

"The integrity commissioner told me that councillors were elected to make decisions. And some you like, and some you don't like. So it's not an integrity matter if you think they've made a dumb choice," he said.

Holyday said he did not plan to go to the integrity commissioner regarding Mammoliti's loans, but he said the "optics aren't right."

"I would personally not seek loans from anybody we're doing business with here at the city," he said. "And maybe there's nothing wrong with it, but I guess, it just doesn't look as good as it could."

But Coun. Adam Vaughan said he didn't think the loans were appropriate, under his interpretation of the city's Code of Conduct.

He said he hasn't filed a formal complaint, but it is "something the integrity commissioner will have to take a look at."

Mammoliti should also "make a full disclosure of his financial dealings with people who have had applications in front of the city," Vaughan added.

"When it's a private relationship like this with public business on the line, if it's not a clear conflict of interest, it's certainly an apparent conflict of interest," he said. "And it should be avoided."

Mammoliti was critical in his statement of CBC and the Toronto Star, which published a story about the loans in its Friday edition.

"To blatantly issue a story that has no relevance to my job and involves my family and personal relationships I find to be in very poor taste," the statement reads.

Mammoliti did not respond to interview requests made by the CBC prior to airing the story.

Also on HuffPost:

Loading Slideshow...
  • Toronto Rob Ford, right, gestures to Councillor Paul Ainslee in the council chamber as councillors look to pass motions to limit his powers in Toronto on Monday, Nov. 18, 2013. Blasting what he called a "coup d'etat," Ford said voters should be able to pass judgment on him, not his fellow councillors.

  • Toronto Mayor Rob Ford (centre) dances with participants ahead of the Toronto Caribbean Carnival in Toronto on Saturday July 30, 2011.

  • Toronto City Mayor Rob Ford, left, celebrates after defeating wrestler Hulk Hogan in an arm-wrestling match to promote Fan Expo in Toronto on Friday, Aug. 23, 2013 .

  • Twenty-two month-old Micah MacMilan reacts as he is picked up by Toronto Mayor Rob Ford while Ford was signing bobblehead dolls in his likeness at City Hall in Toronto on Tuesday November 12, 2013.

  • Toronto Mayor Rob Ford holds up a replica Grey Cup as he attends the Toronto Argonauts and Hamilton Tiger-Cats CFL Eastern Conference final football game in Toronto on Sunday, Nov. 17, 2013.

  • Toronto Mayor Rob Ford laughs with fans as he attends the Toronto Argonauts and Hamilton Tiger-Cats CFL Eastern Conference final football game in Toronto on Sunday, Nov. 17, 2013. Ford showed up at Sunday's Canadian Football League playoff game, despite a request by the league's commissioner that he stay away.

  • Canadian recording artist Drake, left, and Toronto Mayor Rob Ford laugh at a news conference announcing that Toronto will host the 2016 NBA All-Star game, in Toronto, Monday, Sept. 30, 2013.

  • Toronto Mayor Rob Ford displays a milk moustache as he takes part in voting with city council members in Toronto on Thursday, Nov. 14, 2013.

  • Toronto Mayor Rob Ford watches from the sidelines near the Argos bench during a CFL football game between the Toronto Argonauts and Calgary Stampeders in Calgary on Saturday, August 18, 2012.

  • Toronto Mayor Rob Ford poses for photographs inside a giant shark mouth while attending the grand opening of the Ripley's Aquarium of Canada in Toronto on Wednesday, Oct. 16, 2013. After two years of construction, delays and (Canadian) $130 million in costs, Ripley's Aquarium of Canada opened to the public Wednesday.

  • City of Toronto Mayor Rob Ford poses for a photo opportunity with other dignitaries in a shark's jaws at the opening of Ripley's Aquarium of Canada in Toronto on Wednesday, October 16, 2013.

  • Toronto Mayor Rob Ford is hoisted into the air by his Don Bosco Eagles team after winning the Metro Bowl quarter-final at Birchmount Park in Toronto, Thursday Nov. 15, 2012. A civil trial hearing in which the mayor is accused of libel against a restaurant owner went on without him.

  • Toronto Mayor Rob Ford (center) smiles as he officially opens the refurbished Sunnydale rink with Toronto Maple Leafs' coach Ron Wilson (right) and other dignitaries who were on hand as well as the Toronto Maple Leafs who practiced on the outdoor rink in Toronto on Wednesday, January 4, 2012.

  • Toronto Mayor Rob Ford grabs the Grey Cup by the handles during a parade celebrating the Toronto Argonauts victory in the Grey Cup final in Toronto on Tuesday November 27, 2012 .

  • Rob Ford Meets Butter Rob Ford

    <a href="http://www.huffingtonpost.ca/2012/08/31/rob-ford-butter-sculpture-ex-cne_n_1846616.html" target="_hplink">Toronto Mayor Rob Ford comes face to face with a butter sculpture of himself at the Canadian National Exhibition</a>.

  • Butter Rob Ford

    As part of an exhibition at the CNE, Toronto-based artist Olenka Kleban has made a <a href="http://www.huffingtonpost.ca/2012/08/24/butter-rob-ford-sculpture_n_1828527.html" target="_hplink">butter sculpture of Toronto's mayor</a>.

  • Toronto Mayor Rob Ford hoists the Grey Cup on stage with Toronto Argonauts players while celebrating the team's Grey Cup victory in downtown Toronto on Tuesday, Nov.27, 2012.

  • Toronto Mayor Rob Ford stands at the door to his office as he waits for an elevator in Toronto on Thursday November 14, 2013.

  • Mayor Rob Ford speaks at city council in Toronto on Wednesday, Nov. 13, 2013.

  • Nov. 13 2013. Toronto mayor Rob Ford during the afternoon session as councillors continued to debate a motion asking mayor Rob Ford to apologize to Torontonians for misleading therm about his use of crack cocaine.

  • Toronto Mayor Rob Ford speaks to his Don Bosco Eagles team during the Metro Bowl quarter-final at Birchmount Park in Toronto, Thursday, Nov. 15, 2012.

  • In this Tuesday, Nov. 12, 2013 file photo, Toronto Mayor Rob Ford holds a bobblehead doll depicting him at Toronto City Hall. An electoral map of the 2010 mayoral election shows that Ford's voter base resides mainly in a more conservative constituency than the downtown electorate.

  • Toronto Mayor Rob Ford (left) and city councillor Michelle Berardinetti (right) smile on stage during a performance of the Nutcracker in Toronto on Saturday, December 10, 2011. (THE CANADIAN PRESS/Pawel Dwulit)

  • Toronto Mayor Rob Ford jumps on stage dressed as a Cannon Doll during a performance of the Nutcracker in Toronto on Saturday, December 10, 2011. (THE CANADIAN PRESS/Pawel Dwulit)

  • Rob Ford's ballet debut

    Toronto Mayor Rob Ford acts on stage dressed as a Cannon Doll during a performance of the Nutcracker in Toronto on Saturday, December 10, 2011. (THE CANADIAN PRESS/Pawel Dwulit)

  • City of Toronto Mayor Rob Ford addresses the media outside office in Toronto on Thursday, Nov. 7, 2013, after the release of a video. A new video surfaced showing Ford in a rage, using threatening words including "kill" and "murder."

  • Toronto Mayor Rob Ford emerges from his office holding slices of a birthday cake to offer to members of the media at city hall in Toronto on Tuesday May 28, 2013.

  • Toronto Mayor Rob Ford arrives at City Hall in Toronto amid allegations of crack cocaine use on Friday May 17, 2013, in Toronto. Published reports say a video appears to show Ford smoking crack cocaine. Ford called the allegations ridiculous.

  • Toronto City Mayor Rob Ford watches players from Don Bosco Eagles, the High School team he coaches, warm up before they compete against the Huron Heights Warriors in the Metro Cup in Toronto on Tuesday November 27, 2012 Those whose antics threaten to besmirch the party name normally don't get a second chance with Canada's federal Conservatives. Not so, it would seem, for Toronto Mayor Rob Ford.

  • Toronto Mayor Rob Ford carries the Pan American games flag in Omnilife Stadium during the closing ceremonies of the 2011 Pan American Games in Guadalajara, Mexico on Sunday, Oct. 30, 2011. Toronto will host the games in 2015.

  • Toronto City Mayor Rob Ford reacts after Don Bosco Eagles, the High School team he coaches, lost 28-14 to Huron Heights Warriors in the Metro Cup in Toronto on Tuesday November 27, 2012.

  • Toronto Mayor Rob Ford talks to a staff member at city hall in Toronto on Wednesday November 6, 2013.THE CANADIAN PRESS/Chris Young

  • Toronto Mayor Rob Ford addresses reporters at City Hall in Toronto on Tuesday November 27, 2012.

  • Toronto Mayor Rob Ford briefly takes the stage to greet the crowd as part of the New Years Eve celebrations at Nathan Phillips Square in Toronto on Monday, December 31, 2012.

  • Toronto Mayor Rob Ford sits on the back of Chicago's First Lady as he takes in an architectural boat tour on the Chicago River Wednesday, Sept. 19, 2012. Ford was visiting the city on a Toronto-Chicago Business Mission.

  • <a href="http://www.huffingtonpost.ca/2012/11/21/rob-ford-fall-gif-video_n_2170653.html">Rob Ford was at an event to promote the Grey Cup when he fell while hamming it up for the press. A GIF of the fall went viral on the Internet</a>.

  • Chicago Mayor Rahm Emanuel, left, makes a light hearted comment as Toronto Mayor Rob Ford laughs during the signing of a new "sister cities" declaration Wednesday, Sept. 19, 2012, in Chicago.

  • Toronto Mayor-elect Rob Ford, centre, raises his arms with his wife Renata, right, and mother Diane, left, as he speaks to supporters in Toronto on Monday, October 25, 2010.

  • Toronto Mayor Rob Ford, top right, waves to photographers during a boat tour with members of the Toronto-Chicago Business Mission on the Chicago River waterfront Wednesday, Sept. 19, 2012, in Chicago.

  • Dave Chappelle And Rob Ford

    <a href="http://www.huffingtonpost.ca/2012/08/22/dave-chappelle-rob-ford_n_1822240.html?utm_hp_ref=canada-politics" target="_hplink">Comedian Dave Chappelle met briefly with Toronto Mayor Rob Ford</a> on Wednesday, Aug. 22, 2012

  • <a href="http://www.huffingtonpost.ca/2012/08/14/rob-ford-reading-driving-car-gardiner_n_1776183.html" target="_hplink">Rob Ford is seen reading while driving</a> in this photo from Twitter.

  • <a href="http://www.huffingtonpost.ca/2012/07/30/rob-ford-will-ferrell-zach-galifianakis-sketch_n_1719420.html" target="_hplink">Rob Ford meets with comedic actors Will Ferrell and Zach Galifianakis</a>.