The Borrower, an experienced developer, required financing of an existing second mortgage as well as financing to complete construction of the home pictured above, which is located in Kleinburg, Ontario. Additional funds were also needed as working capital for the ongoing business. In addition to a second mortgage on the subject property, repayment of the loan is collaterally secured by charges against six other properties owned by the Borrower. The Credit Committee determined this to be a secure loan as a result of the overall loan-to-value of only 62%. The Committee was also moved by an inspection of the Borrower’s properties, which confirmed a high-quality of workmanship and finishes.
Location
Kleinburg, 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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