Morrison Financial closed on a loan to refinance existing mortgage on a property in Oakville, ON, and fund pre-construction costs associated with a proposed residential condominium project. The property is situated in midtown Oakville with close access to the Queen Elizabeth Way. The land will be developed into a 12-storey mixed use building with 137,477 SF saleable area comprised of 154 residential units. The borrower plans to launch pre-sales mid/late 2024. Once sufficient presales have been achieved, the loan will be repaid through construction financing.
Location
Oakville, 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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