Morrison Financial provided a $300,000 loan to a 61-unit apartment condominium in St. Albert, Alberta, to fund the replacement of two elevators. The corporation’s reserve fund is being preserved for upcoming building envelope work, with the loan financing the elevator project over a short 5-year term. The loan-to-value of the project was approximately 2.5%.
Location
St. Albert, Alberta
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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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