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Site servicing loan for a residential subdivision in Kincardine, ON

Site servicing loan for a residential subdivision in Kincardine, ON

Morrison Financial closed on an opportunity to finance site servicing work and development security required for the development of a residential subdivision in Kincardine, Ontario. The residential subdivision is located on a 5.5-acre land and is adjacent to a golf course. The subdivision will include ten single-family homes, four semi-detached homes, and 19 townhomes. The borrower plans to sell the site-serviced lots to builders and end-users to repay the loan.

Location

Kincardine, ON

Loan amount:
$3,010,000
Loan Term:
12 months
Mortgage position:
First
Purpose:
Cost-to-complete Construction
Type:
Multi-family Development
Location:
Kincardine, ON
Status:
Funded

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Alenna Emer, CPA, CA

Chief Financial Officer

Chawin Vajanopath, MBA

Senior Director, Operations

Matthew Solda, MBA

Vice President

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Mortgage Lending

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.

CondoCorp Lending

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.

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