Loan Purposes
Financing structured to match the stage of the project
Development moves through stages. Land is acquired or assembled. Sites are serviced. Buildings rise. Projects close out, units sell, capital recycles. Each stage carries different risks, different timelines, and different capital needs.
Morrison Financial structures loans across that full arc. We lend on unimproved land, completed inventory, ground-up construction, and the situational facilities in between - sized to the project, structured around the exit, and underwritten by the team that funds the loan.
Below is a guide to each loan purpose: what it is, when sponsors come to us for it, what we underwrite to, and recent examples from our book.
The Development Lifecycle
From land to inventory
Click any stage to jump to the section.
01
ACQUIRE
Land loans
Land financing in Ontario for builders and developers acquiring unimproved or serviced land for future development. Used to secure a site before zoning, design, or construction financing is in place — and to hold the land through the entitlement period until the project is shovel-ready.
When Borrowers Come to Us
- Securing a development site under a tight closing deadline where conventional land financing won't move in time.
- Holding land through rezoning, site plan approval, or design development – with a defined exit into construction financing or sale.
- Assembling adjacent parcels under separate purchase agreements with coordinated closings, or bridging a maturing land loan before the project is shovel-ready.
Example Deal
Land refinancing and pre-construction loan for luxury residential apartment in Oakville, ON
Morrison Financial recently closed on the opportunity to provide land financing and pre-construction loan for the development of a condominium-titled four-storey luxury residential apartment...
Use
Bridge
Loan Amount
$2,160,000
Example Deal
Land refinancing to support development of a 12-storey mixed use building in Oakville, ON
Morrison Financial closed on a loan to refinance existing mortgage on a property in Oakville, ON, and fund pre-construction costs associated...
Use
Refinance
Loan Amount
$5,600,000
02
ACQUIRE
Acquisition loans
Acquisition financing for Ontario real estate - income-producing properties, partially completed developments, and completed buildings positioned for repositioning, refinancing, or resale. A direct option when conventional acquisition financing isn't the right fit on timing or structure.
When Borrowers Come to Us
- Multi-family acquisition financing where conventional takeout requires repositioning or stabilization first.
- Partner buyouts or recapitalization transactions that need a structured loan rather than a generic credit facility.
- Acquiring a partially completed project from another developer or creditor, with a clear plan to complete construction and execute the sales program.
Example Deal
Collateralized land acquisition to support a proposed 254-unit residential development in Cambridge, ON
Morrison Financial provided financing to support a borrower's acquisition of a 4.2-acre land in Cambridge, ON. Upon acquisition, the borrower will take the property...
Use
Land Acquisition
Loan Amount
$6,400,000
Example Deal
Acquisition and construction loan in Pickering, ON
Morrison Financial worked with the borrower to structure an acquisition and construction financing facility for 5 single-family homes on a prestigious street in Pickering...
Use
Cost-to-complete Construction
Loan Amount
$7,020,000
03
Prepare
Site servicing loans
Site servicing financing for Ontario subdivision and development projects - covering roads, drainage, water, sewer, and other municipal infrastructure work required to make land construction-ready. Often the bridge between site plan approval and the start of vertical construction.
When Borrowers Come to Us
- Funding hard servicing costs and subdivision infrastructure work after site plan approval and before a construction facility is in place.
- Meeting municipal servicing agreement timelines, including related letter of credit or security obligations.
- Phasing servicing financing across larger subdivisions or master-planned communities being built out in stages, with construction takeout as the planned exit.
Example Deal
Site servicing loan for a residential subdivision in Kincardine, ON
Morrison Financial closed on an opportunity to finance site servicing work and development security required for the development of a residential subdivision in Kincardine,...
Use
Cost-to-complete Construction
Loan Amount
$3,010,000
Example Deal
Site servicing and construction loan in Brantford, ON
Morrison Financial entered a commitment to provide refinancing of an existing first mortgage on land, coupled with construction financing for 19 single detached condo...
Use
Cost-to-complete Construction
Loan Amount
$5,862,000
04
Build
Construction loans
Construction financing in Ontario for ground-up residential, multi-family, and mixed-use development projects - including townhouse, mid-rise, and select commercial builds. Progress-draw advances against certified work-in-place, structured around the project's defined exit.
When Borrowers Come to Us
- Ground-up multi-family construction loans, townhouse construction financing, and mid-rise residential builds across Ontario.
- Files where a conventional construction facility isn't the right fit on timing, structure, or sponsor profile - or where a syndicated capital stack combining private and institutional sources adds capacity.
- Construction takeouts of earlier land, servicing, or bridge facilities - either originated by Morrison or transitioning from another lender.
Example Deal
Construction loan for 24 stacked townhomes in Kitchener, ON
Morrison Financial is currently financing a project to construct 24 stacked townhomes in Kitchener, Ontario. The project received Site Plan Approval from the city...
Use
Cost-to-complete Construction
Loan Amount
$9,145,000
Example Deal
Construction loan to support the development of six townhomes in Brantford, ON
Morrison Financial is working with one of our existing clients to finance the construction of six freehold townhomes in Brantford, Ontario. Each townhome will...
Use
Cost-to-complete Construction
Loan Amount
$2,250,000
05
Transition
Bridge loans
Bridge financing for Ontario real estate - short-term capital structured to a defined exit. Used to bridge a closing, a maturing facility, a CMHC takeout, or the gap between two longer-term financing structures, giving sponsors time without forcing a distressed outcome.
When Borrowers Come to Us
- Refinance bridge loans for facilities approaching maturity ahead of a planned conventional or CMHC-insured takeout.
- Funding a real estate closing while longer-term financing is being arranged, or providing time for a project to stabilize, lease up, or sell down before conventional refinance.
- Recapitalizing or restructuring the capital stack - including partner buyouts and equity events - to support the next stage of the project.
Example Deal
Second mortgage refinancing of an apartment under development in Kitchener, ON
Earlier this year, Morrison Financial closed on an opportunity to refinance the second mortgage of a building under development in Kitchener...
Use
Refinance
Loan Amount
$3,900,000
Example Deal
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...
Use
Bridge
Loan Amount
$877,200
06
Transition
Inventory loans
Inventory financing for Ontario builders and developers - condominium, townhouse, and standing inventory loans against completed but unsold units. Used to take out a maturing construction facility and give sponsors time to execute an orderly sales program without forced disposition.
When Borrowers Come to Us
- Construction loan takeouts on completed projects where inventory remains unsold or awaiting closing - condominium, townhouse, or low-rise residential.
- Standing inventory financing to repay a maturing construction facility and support the remaining sales program, or to release equity for the next project.
- Repositioning unsold units to lease while the sales program continues, or bridging between substantial completion and final closings on a phased delivery.
Example Deal
Financing against a portfolio of rental townhomes in Kingston, ON
Morrison Financial is providing a mortgage loan against a portfolio of seven rental townhomes in Kingston, Ontario. The mortgage loan will refinance existing first...
Use
Refinance
Loan Amount
$2,790,000
Example Deal
Acquisition and inventory financing against 23 townhomes in Ottawa, ON
Morrison Financial financed an acquisition loan on 23 inventory townhomes in Ottawa, Ontario. The borrower acquired the property and worked with the city...
Use
Inventory
Loan Amount
$6,000,000
Get Started
Have a file in mind?
Whichever stage of the development arc you're in, the conversation starts the same way - tell us about the project and we'll take it from there.