Asset classes and types of loans that we finance
Multi-family Construction
Morrison Financial focus on multi-family properties including but not limited to:
- Low-rise apartments / condos
- Multi-family rentals
- Mixed-use property with retail/commercial components
- Student housing
The purpose of the loan may be for:
- New construction
- Bridge financing inventory loan
- Repositioning of existing building for rental purposes
Loan purposes:
Mortgage position:
Loan to value:
Pre-sales:
Project monitor:
Repayment of loan:
Geography and liquidity:
Construction advances:
Home Construction & Renovation
This corresponds to either:
- Construction of single-family home from foundation to finished
- Renovation of existing single-family home
The Borrower must provide a valid exit strategy for the home, which may be:
- Spec re-sale
- Personal use
- Rent and hold strategy
Loan purposes:
Complete construction from foundation to finished home or renovation for the purposes of:
- Spec re-sale
- Personal use
- Rent and hold strategy
Mortgage position:
Type:
Loan to value:
Renovation: not exceeding 85%
Construction: not exceeding 80%
Additional considerations for LTV calculations:
- Capitalized interest is not a valid form of cost in place for a project
- Value of the property will be based on appraisal ”as-is” value and ”as-complete” value, as well as referencing a purview report
- Value of property will be based on comparable units that have been actively traded on the market in the last 6 months or comparable income approach
Debt coverage ratios:
Repayment of loan:
Geography and liquidity:
Construction advances:
Land for Redevelopment
Land held for redevelopment refers to a real property asset that is currently unimproved, i.e. there is no existing construction on the property. Additionally:
- The land must have been evaluated by an independent planner’s opinion that the time to refinancing by way of a construction loan, site plan approval, or property sale is estimated at less than 24-months.
- The redevelopment plan is consistent with applicable province/city official plan
Loan requirements:
- Time to refinance by way of construction loan after site plan approval or prorerty sale is less than 24 months
- Redevelopment plan consistent with official plan
- Land does not need to be rezoned for its intended us
- Where the lands are purchased in a arms-length transaction
Mortgage position:
Additional considerations for LTV calculations:
- Capitalized interest is not a valid form of cost in place for a project
- Valuation of land will be based on as of right density
- Value of land will be based on comparable property sales when the development is more than 12 months away and a construction budget is not yet available
- Otherwise, value of land will be based on residual land value analysis
- Value of property will be based on comparable units that have been actively traded in the market in the last 6 months or by Morrison Financial approved appraiser
Borrower experience:
Repayment of loan:
- Refinancing following site plan approval
- Refinancing by sale of property
Geography and liquidity:
Home Purchase & Refinance
This relates to single-family home for the any of the purposes outlined below:
- Purchase
- Debt consolidation
- Bridge financing
- Refinancing of existing debt
Loan purposes:
Mortgage position:
Loan amount:
Loan term:
Occupancy:
Interest rate:
Amortization:
Credit score:
Income verification:
Appraisal:
Property inspection:
Sample mortgage financing solutions
Words from our clients
Investment
Morrison Financial provides communication that is clear, consistent, and often…
Morrison Financial has been available to answer questions and provide support to investors.
Morrison Financial is professional and ethical. I feel I could trust Morrison Financial.
- Cynthia Nelson
- Passive Investor
Commercial Financing
“Morrison Financial has been CLT Logistics primary financial partner for over 17 years, and has supported us through numerous growth spurts. CLT has today established itself as one of the premier product logistics and manufacturing companies in Canada, in the Health, Beauty and Household categories, shipping to over 10,000 retailers globally. We could not have made this successful journey without the help and support of Morrison Financial, who we continue to count as a partner beyond that as a source of financing.”
- Jack Wilkinson
- CLT Logistics Inc.
Condo Term Loans
“The most important [financial] development in the condominium industry in years.”
- Jonathan Fine
- Condominium Lawyer, Fine & Deo, Barrister & Solicitors
Mortgage Lending
“Morrison Financial consistently provides dependable and highly professional lending services to the development community. Having worked with Morrison Financial for many years, the Morrison team has continuously exceeded our expectations in terms of delivering creative and comprehensive financial solutions, personalized service and timely administrative oversight. This has helped our company, and our clients, in being able to successfully fund our Projects and meet critical timelines. Morrison Financial are reliable business partners who understand the importance of creating relationships while performing a valuable financial service.”
- Alan Savage
- Director, YYZed Project Management
Condo Term Loans
“A true win-win situation for both the condominium corporation and the contractor. We found the people at Morrison Financial to be completely professional and responsive.”
- Norman Shore
- Manager, Re-roofing Division, Dominion Sheet Metal & Roofing Works
Commercial Financing
“Morrison Financial helped the senior management team of Thinkpath Engineering Services (TES) complete a management buyout in 2011, and since then has provided us with flexible asset based term lending. We have enjoyed not only having Morrison Financial as a lender and equity partner, but also as an important business partner whose expertise we can rely on as we continue to grow. They understand our business and financing needs and have provided a lending structure and pricing that supports our operating and growth objectives. They have made important contributions to key financial decisions and opportunities. With nearly four decades of experience, TES continues to be a global leader in engineering and design services, and we are fortunate to have Morrison Financial as a financial partner.”
- Kelly Hankinson
- Chief Financial Officer, Thinkpath Engineering Services
Let us help you get started
FAQS
Mortgage board directors and unit owners will have many questions. Read more of our frequently asked questions or reach out today to speak with a finance professional.
