Loan Summary

Loan amount:

$1,950,000

Mortgage position:

Second

Type:

Single-family Development

Purpose:

Cost-to-complete Construction

Loan Term:

12 months

Status:

Funded

Personal home construction with supporting collateral properties in North York, ON

Morrison Financial closed on an opportunity to refinance an existing second mortgage and provide cost-to-complete financing for a luxury home that will be used as the borrower’s personal residence. To support this fi­nancing ask, the borrower provided three additional prop­erties in Toronto as collateral for the loan. The property is well situated in a residential neighborhood with easy access to the Don Valley Parkway and distance to a nearby golf course and park. The house is currently ~75% complete and, upon comple­tion, the property will be refinanced to repay the debt.

Location

North York, ON

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