The borrower, whose family business works mostly on infrastructure projects in Ontario and has been in operation for over 20 years, required financing to complete a family home located in Hamilton, Ontario. Morrison Financial refinanced the existing debt on the property and provided funds to complete the home. At the date of the first advance, construction of the home was at an advanced stage and the loan-to-value of the completed home was not forecasted to exceed more than 50% during the term, which is very low for this project type. The loan was to be refinanced by a traditional mortgage lender upon completion.
