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 ON. The purchase of the property was completed in April 2021, and it is zoned for its intended use. The parcel requires that severance be completed. Upon severance, and achievement of a presale requirement set out in the commitment letter, the borrower will construct the 5 regal residences. The team is made up of a renowned real estate agent featured on channels such as HGTV, and an experienced builder having completed many comparable projects in the past. We are excited to partner with the team on this project and hopefully many more in the future.
Location
Pickering, ON
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Our Services
We tailor lending options for builders and developers across Ontario to assist with acquisition, site servicing and construction of primarily multi-unit residential real estate developments.
We work with boards of directors and condo property management to tailor financing focused on repairs, reserve fund shortfalls, and refinancing of guest suites or existing loans.
We offer the opportunity to investors to participate in pools of mortgages, which produce monthly distributions with the target of the investments being capital preservations.
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