Morrison Financial worked with the borrower to structure a cost to complete construction financing facility for four semi-detached homes in a gentrifying area of Welland ON. The initial stage of the transaction was completed in June 2021, which provided security to Tarion and upon completion of certain conditions, Morrison Financial will fund the construction of the homes.
In this scenario and given the scope of the project, Morrison Financial was able to avoid the use of a cost consultant on the project by employing its own in-house expertise in budgeting and monitoring and working with an appraiser who would act as the project monitor. This approach helped eliminate the cost attributable to cost consulting for the borrower. The loan was funded at a competitive interest rate, and we look forward to continuing to work with this dedicated group of real estate developers.