The Borrower, an experienced developer, required financing of an existing
second mortgage as well as financing to complete construction of the home
pictured above, which is located in Kleinburg, Ontario. Additional funds were
also needed as working capital for the ongoing business. In addition to a
second mortgage on the subject property, repayment of the loan is collaterally
secured by charges against six other properties owned by the Borrower.
The Credit Committee determined this to be a secure loan as a result of the
overall loan-to-value of only 62%. The Committee was also moved by an
inspection of the Borrower’s properties, which confirmed a high-quality of
workmanship and finishes.