The loan proceeds were used to refinance an existing first mortgage and bridge the period during which the property was being approved as the site of a new 91-unit mid-rise condominium building in a rapidly gentrifying area of Hamilton, Ontario. The Credit Committee was moved primarily by the low loan-to-value and the impressive professional qualifications and experience of the Borrower’s principal. The rezoning and site plan approval were ultimately given and the property was sold to a builder for approximately three times the amount of the loan.
Location
Hamilton 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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