Loan Summary

Loan amount:

$877,200

Mortgage position:

First

Type:

Multi-family Development

Purpose:

Bridge

Loan Term:

12 months

Status:

Funded

Bridge loan to property sale in Hamilton, ON

The loan proceeds were used to refinance an existing first mortgage and
bridge the period during which the property was being approved as the
site of a new 91-unit mid-rise condominium building in a rapidly gentrifying
area of Hamilton, Ontario. The Credit Committee was moved primarily
by the low loan-to-value and the impressive professional qualifications
and experience of the Borrower’s principal. The rezoning and site plan
approval were ultimately given and the property was sold to a builder for
approximately three times the amount of the loan.

Location

Hamilton ON

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