Loan Summary

Loan amount:

$6,400,000

Mortgage position:

First

Type:

Multi-family Development

Purpose:

Cost-to-complete Construction

Loan Term:

18 months

Status:

Funded

Back-to-back townhomes construction in Ottawa, ON

The purpose of this loan was to refinance an existing first mortgage and
provide construction financing for 23 back-to-back townhomes in Ottawa,
Ontario, which will ultimately be rented out upon completion. The borrower
is known to Morrison Financial and a competent developer in the
Ottawa region. The credit committee was impressed with the low loan to-
value and the project’s advanced stage – most of the construction risk
has been mitigated. Ultimately, the loan will be refinanced by a term debt
lender upon lease-up and stabilization of the units.

Location

Ottawa ON

Let us help you get started

Determing what your board or directors requires for their next project doesn’t need to be complicated and we are here to help you fill the gap when it comes to your finances.

Team

Contact our mortgae financing team today

Learn more

Read more on mortgage financing in our articles section

Projects

Take a look at projects that we financed

About us

Learn more about why we have been successful for 30 years

Contact us