Morrison Financial is providing a construction loan for the purposes of renovating an existing school building and creating a special-purpose residential healthcare facility in Owen Sound, ON. The project is driven by the need for more healthcare facilities in the province of Ontario. Prior to starting the project, the borrower has entered into an agreement of purchase and sale with an agency of the government to purchase the completed building.
As at the time of writing, the project is well underway. Upon completion, the loan will be repaid using the proceeds from the sale of the property.
