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.