The borrower purchased this property in 2017, an old school in the heart
of St. Thomas, where the redevelopment plan was initially to update to a
higher-end private school. Ultimately, the property was re-zoned to allow
for the construction of 32 single-family homes and thus significant additional
value was created by the borrower. Morrison Financial was initially
engaged to provide a land financing facility, however, through teamwork
and careful evaluation of the opportunity, we secured not only a land refinancing facility, but also structured a creative construction financing facility
to build out the 32 single-family homes once site servicing has been
completed and sufficient pre-sales have been achieved (as per the agreement).
The first advance of this loan took place in April of 2021.
Location
St.Thomas, ON
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Our Services
We tailor lending options for builders and developers across Ontario to assist with acquisition, site servicing and construction of primarily multi-unit residential real estate developments.
We work with boards of directors and condo property management to tailor financing focused on repairs, reserve fund shortfalls, and refinancing of guest suites or existing loans.
We offer the opportunity to investors to participate in pools of mortgages, which produce monthly distributions with the target of the investments being capital preservations.
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