Loan Summary

Loan amount:

$6,100,000

Mortgage position:

First

Type:

Multi-family Development

Purpose:

Cost-to-complete Construction

Loan Term:

14 months

Status:

Funded

Construction of stacked townhomes in Kitchener, ON

Morrison Financial was approached to fund a development that would see the creation of 27 stacked townhomes. These townhouses were being sold to investors as affordable, income producing properties. Morrison Financial knew the neighbourhood for the proposed site and understood the need for quality rental homes. At just 65% LTV, and with the market being highly accommodative to rental townhomes, this was a great project for us to be a partner in.

Location

Kitchener, ON

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