Morrison Financial closed on a loan opportunity to refinance an existing first mortgage and provide working capital to fund development costs to progress a redevelopment land in Stratford, ON. The Property is a 9.93-acre development site that is draft plan approved for 76 residential units comprising a mix of detached homes, semi-detached homes, townhomes, and low-rise apartment units. The Property is well-located within an established neighborhood with surrounding subdivisions, and adjacent to an active new construction site and commercial amenities. The borrowing group has extensive experience in land redevelopment across southwestern Ontario and has successfully redeveloped a number of properties in the vicinity of the Property. The exit plan is to complete site servicing and sell land to builders upon completion.
Location
Stratford, 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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