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Refinance existing first mortgage and fund development costs for land in Ajax, ON

Refinance existing first mortgage and fund development costs for land in Ajax, ON

Morrison Financial closed on a loan opportunity to refinance existing first mortgage and provide working capital to fund development costs for a development land in Ajax, ON. The Property is 2.24-acre in size and is to be included in the Ajax GO Major Transit Station Areas. The land has been designated for a mixed-use high-density residential development with over 1,100 units. The Borrower is an experienced developer with significant experience in real estate development across all stages. The Borrower is currently working towards finalizing application for the Zoning by Law Amendment and Site Plan Approval.

Location

Ajax, ON

Loan amount:
$6,000,000
Loan Term:
12 months
Mortgage position:
First
Purpose:
Land Acquisition
Type:
Land for Redevelopment
Location:
Ajax, 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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