Earlier this year, Morrison Financial closed on an opportunity to refinance the second mortgage of a building under development in Kitchener, Ontario by a reputable developer in Ontario. The development is for a seven-storey building, which is comprised of 72 residential units and two commercial units on the ground floor. At the time of closing, the building was 88% complete and occupancy was partially underway. Since then, the building has been completed and leased up. The borrower also obtained CMHC financing and has paid out Morrison Financial’s loan.
Location
Kitchener, ON
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Reach out to us anytime. Whether you’re exploring investment options or looking for expert advice, we’d love to hear from you.
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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