The loan proceeds were used to refinance an existing first mortgage and
bridge the period during which the property was being approved as the
site of a new 91-unit mid-rise condominium building in a rapidly gentrifying
area of Hamilton, Ontario. The Credit Committee was moved primarily
by the low loan-to-value and the impressive professional qualifications
and experience of the Borrower’s principal. The rezoning and site plan
approval were ultimately given and the property was sold to a builder for
approximately three times the amount of the loan.