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Project Summary

Loan amount: $503,750

LTV: 68%

Type: single family home

category: Cost-to-complete

Location: hamilton, on

December 2020 – Deal #2

The purpose of the loan in this case was to assist in the acquisition and renovation of an existing single-family home for resale.  The property was well-situated in a mature, central part of Hamilton, Ontario, meaning that it would be easy to realize repayment of the loan through sale if necessary.  The Borrower, who was experienced in this type of project, did not require the loan to exceed 70% of the value of the property.  The project was ultimately completed and the newly-renovated home was sold as originally contemplated in the business plan.