Loan Summary

Loan amount:

$7,020,000

Mortgage position:

First

Type:

Multi-family Development

Purpose:

Cost-to-complete Construction

Loan Term:

21 months

Status:

Funded

Acquisition and construction loan in Pickering, ON

Morrison Financial worked with the borrower to structure an acquisition and construction financing facility for 5 single-family homes on a prestigious street in Pickering ON. The purchase of the property was completed in April 2021, and it is zoned for its intended use. The parcel requires that severance be completed. Upon severance, and achievement of a presale requirement set out in the commitment letter, the borrower will construct the 5 regal residences. The team is made up of a renowned real estate agent featured on channels such as HGTV, and an experienced builder having completed many comparable projects in the past. We are excited to partner with the team on this project and hopefully many more in the future.

Location

Pickering, ON

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