The purpose of the loan, in this case, was to assist in the acquisition and
renovation of an existing single-family home for resale. The property was
well-situated in a mature, central part of Hamilton, Ontario, meaning that
it would be easy to realize repayment of the loan through a sale if necessary.
The Borrower, who was experienced in this type of project, did not require
the loan to exceed 70% of the value of the property. The project was ultimately
completed and the newly-renovated home was sold as originally
contemplated in the business plan.
