The complainant in all counts was Wellington-based finance company Trustees Executors Ltd (TEL), a business chaired by former Prime Minister Jim Bolger.
As a second-tier lending company, it lends money mainly to property investors and developers.
According to court documents, the charges against Turnbull incorporated 19 properties.
The Auckland addresses included swanky, multimillion-dollar Newmarket houses as well as commercial premises in the CBD.
It is understood the allegations came from fake agreements for sale and purchase of land using names that did not reflect the true vendor or purchaser of the properties.
Turnbull and an associate are accused of setting up these agreements to sidestep TEL's borrowing limit, essentially making it seem as though he had no underlying interest in a property when he did.
The company had a policy of not lending more than $4 million to a borrower or associated entity, to spread the risk of possible defaults.
The charges allege he knowingly used false documents to overstate assets and understate liabilities.
Prosecution will say Turnbull's modus operandi included the use of dummy agreements in the names of relatives, employees or other entities with inflated purchase prices resulting in over-lending by TEL of nearly $50 million.
It is believed the alleged scheme fell apart with the onset of the global financial crisis when many tenants vacated the properties and replacements for them could not be found.
The buildings declined in value and mortgages could not be paid, which led to TEL selling the properties in any attempt to recoup its losses.
A warrant has been issued for Turnbull's arrest.
The case
$47m
mortgage fraud eight years ago
38
charges laid by the Serious Fraud Office
10
charges of using a forged document and 28 of dishonestly using a document to obtain a valuable consideration
19
properties are incorporated in the charges according to court documents
